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William Hill Rejects $4B Takeover By 888, Rank

Bookmaker Says Offer 'Substantially Undervalues' Company

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William Hill, one of the largest bookmakers in the world, has turned down a £3.2 billion ($4.2 billion) takeover offer from two rival online gaming firms.

UK-based William Hill said Tuesday that it won’t be accepting the cash-and-stock offer from 888 Holdings and Rank Group. Just last year, William Hill was looking at acquiring 888.

Gareth Davis, Chairman of William Hill, said in a statement that the proposal “substantially undervalues William Hill, is highly opportunistic and does not reflect the inherent value of the business.” According to a report from Bloomberg, 888 and Rank will likely come back with a higher offer, but it’s unlikely it would be accepted.

“It is a very complex three-way combination at a low premium involving substantial risk for William Hill shareholders: execution risk, integration risk and risks of materially increased leverage,” Davis added. “The Group has a strong team to deliver against our strategy to grow our digital and international businesses so we strongly advise that shareholders take no action.”

 
 
 
 

Comments

StabbedInTheBack
over 1 year ago

Seems like a strange deal, William hill is a far bigger company.

 
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