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William Hill turns down revised bet9ja's welcome offer from Rank and 888
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15 August 2016
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Bookmaker William Hill has actually declined a revised takeover method from 888 and Rank, saying it still "substantially" underestimates the company.

William Hill said the new proposal provided its shareholders an estimated worth of 352p a share, compared with a previous deal of 339p a share.

Rank and 888 declared their view that the bet9ja's welcome offer was "a compelling worth creation opportunity for William Hill".

But William Hill said the modified deal was "extremely opportunistic".

"The board continues to see no merit in engaging with the consortium," the company added.

The revised takeover proposal would see William Hill investors get 199p in cash and 0.86 of shares in BidCo - the business being formed by 888 and Rank to buy William Hill - for each share they own.

William Hill shareholders would wind up with 48.8% of the group.

Under the previous technique, William Hill shareholders were used 199p in cash and 0.725 BidCo shares, leaving financiers with 44.6% of the combined group.
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'Substantial risk'

"This revised proposal continues to substantially underestimate the business and the cash aspect of the proposal has actually not changed. Therefore, the board sees no merit in appealing," said William Hill's chairman, Gareth Davis.

"As we have stated before, this promotion code is highly opportunistic and complicated and does not improve the tactical positioning of William Hill.

"The board continues to believe we have a strong team to deliver remarkable value to our investors and trading at the start of the 2nd half gives us renewed self-confidence in our stand-alone method."

Casino and bingo hall operator Rank and online gambling group 888 said that the proposed new mix would create the yohaig code UK's biggest multi-channel betting operator by earnings and profit.

They also said it would result in cost savings of at least ₤ 100m a year, while more savings could possibly be found "through constructive engagement".

However, William Hill has stated the yohaig code cost savings will not be attained in complete up until the end of 2020 and pose "considerable risk for William Hill shareholders".

The chief executive of 888, Itai Frieberger, said a combined service might "lead development in the sector", while Rank president Henry Birch said the deal made "engaging strategic sense for all three services".

The UK's second and third-largest retail bookies, Ladbrokes and Gala Coral, are presently continuing with their ₤ 2.3 bn merger, which will see them leapfrog over William Hill to end up being the nation's most significant company in the sector.

The Competition and Markets Authority has actually informed the two firms that they must sell 350 to 400 shops in order for the merger to be cleared.
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