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William Hill rejects $4.1 billion offer from Rank and 888

Staff Writer | August 10, 2016
William Hill rejected a 3.16 billion pound ($4.11 billion) bid by Rank Group and 888 Holdings because a 16 percent premium substantially undervalued the company.
William Hill
Acquisition   364 pence a share
The proposed three-way deal envisages online group 888 buying Rank for shares and then William Hill for 199 pence in cash and 0.725 shares, valuing it at 364 pence a share.

William Hill is set to lose its leading market position to a merger of Ladbrokes and Coral and has failed to keep pace with rivals in fast-growing online gambling.

William Hill said its board had "unanimously rejected the proposal as it substantially undervalued William Hill".

Rank and 888 have a combined market value of just 1.64 billion pounds, against William Hill's 2.85 billion pounds market capitalization.