The proposal has no merit, says bookie boss
William Hill has turned down gambling groups Rank Group and 888’s latest takeover offer after saying that there is “no merit” in their £3.1bn approach.
The new proposal said William Hill’s shareholders would get a 48.8 per cent share of a combined gambling group. Last week, the share offer stood at 44.6 per cent under.
Rank Group and 888 set out plans for forming a consortium called BidCo to create a new influential gambling player. However, William Hill spurned the offer and branded it “highly opportunistic and complex”.
Under the new offer, William Hill is valued the bookie at £3.52 per share, up from £3.39 last week.
“[The offer] does not enhance the strategic positioning of William Hill,” said Gareth Davis, chairman of William Hill.
“This revised proposal continues to substantially undervalue the company and the cash element of the proposal has not changed,” he said.