William Hill Rejects 3bn Takeover Bid by 888 and Rank

The board of British bookmaker William Hill has unanimously rejected the £3 billion takeover bid from 888 Holdings and Rank Group, calling it “highly opportunistic.”

888 and Rank Group, the latter being the owners of the Grosvenor Casinos brand, joined forces in July and formed what they referred to as a “consortium.” A cash-and-shares proposal worth approximately 364p a share was offered for William Hill, which the William Hill board rejected.

Gareth Davis, the chairman of William Hill, said: “This conditional proposal substantially undervalues William Hill, is highly opportunistic and does not reflect the inherent value of the business.

“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. The group has a strong …

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