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William Hill rejects improved 352p offer from Rank and 888

Staff Writer | August 15, 2016
William Hill rejected an improved cash-and-shares offer from Rank Group and 888 Holdings received over the weekend and continued to refuse to enter talks.
William Hill
Acquisition   Valuing William Hill at 352p per share
Casino operator Rank and online gaming specialist 888 launched the improved offer on Sunday that valued the UK's biggest bookmaker at 352p per share.

Having last week snubbed a 339p-a-share bid, William Hill said the new offer was still "only 12%" higher than its share price before the first offer was made.

The FTSE 250 group said it felt that despite the improved price the offer continued to "substantially undervalue" the company and is "highly opportunistic".

Under the revised proposal, Rank and 888 plan to themselves merge into a BidCo and then offer 199p cash and 0.860 BidCo shares per William Hill share, which would result in the bookmaker's current shareholders owning 48.8% of the combined group.