William Hill Rejects Revised Offer from Rank And 888

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William Hill turns down revised offer from Rank and 888

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William Hill declines revised offer from Rank and 888


15 August 2016


Bookmaker William Hill has actually turned down a modified takeover technique from 888 and Rank, saying it still "significantly" undervalues the company.


William Hill said the brand-new proposition used its shareholders an approximated value of 352p a share, compared with a previous offer of 339p a share.


Rank and 888 reaffirmed their view that the deal was "a compelling value production chance for William Hill".


But William Hill said the revised deal was "extremely opportunistic".


"The board continues to see no merit in engaging with the consortium," the business added.

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The modified takeover proposition would see William Hill investors get 199p in money and 0.86 of shares in BidCo - the business being formed by 888 and Rank to purchase William Hill - for each share they own.


William Hill shareholders would end up with 48.8% of the combined group.


Under the previous technique, William Hill investors were offered 199p in cash and 0.725 BidCo shares, leaving financiers with 44.6% of the combined group.

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'Substantial threat'

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"This revised proposal continues to considerably underestimate the company and the cash component of the proposition has not changed. Therefore, the board sees no merit in engaging," said William Hill's chairman, Gareth Davis.


"As we have said before, this is highly opportunistic and complex and does not improve the tactical positioning of William Hill.


"The board continues to believe we have a strong group to provide remarkable value to our investors and trading at the start of the 2nd half provides us restored confidence in our stand-alone method."

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Casino and bingo hall operator Rank and online gambling group 888 stated that the proposed new combination would produce the UK's biggest multi-channel betting operator by earnings and revenue.


They likewise said it would lead to expense savings of a minimum of ₤ 100m a year, while more cost savings could possibly be found "through constructive engagement".


However, William Hill has stated the savings will not be achieved in full until completion of 2020 and position "substantial risk for William Hill shareholders".


The president of 888, Itai Frieberger, said a combined service might "lead development in the sector", while Rank chief executive Henry Birch stated the bet9ja's welcome offer made "compelling strategic sense for all 3 businesses".


The UK's 2nd and third-largest retail bookmakers, Ladbrokes and Gala Coral, are currently continuing with their ₤ 2.3 bn merger, which will see them leapfrog over William Hill to become the country's biggest business in the sector.


The Competition and Markets Authority has told the 2 companies that they should bet9ja's welcome offer 350 to 400 stores in order for the merger to be cleared.


William Hill in gambling takeover spat


11 August 2016


William Hill declines Rank and 888's bid

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9 August 2016

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Rivals propose William Hill merger


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