Bookmaker group William Hill has rejected a new offer form 888 and Rank, dismissing it as "substantially" undervaluing the company. Rank and 888 had originally offered 339p per share, but this was said by the board of William Hill to be "highly opportunistic".
Of the new 352p offer, Gareth Davis, chairman of William Hill, said: "This revised proposal continues to substantially undervalue the company and the cash element of the proposal has not changed. Therefore, the Board sees no merit in engaging. As we have said before, this is highly opportunistic and complex and does not enhance the strategic positioning of William Hill. The Board continues to believe we have a strong team to deliver superior value to our shareholders and trading at the start of the second half gives us renewed confidence in our stand-alone strategy."
Pressure to agree a deal is mounting as the UK’s second and third-largest retail bookmakers, Ladbrokes and Gala Coral, are currently in the midst of a high profile merger, which will see the combined group leapfrog William Hill to become the largest company in the sector.
