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William Hill rejects latest 888, Rank proposal

Monday, 15th August 2016
William Hill has rejected a revised cash and shares offer from would-be suitors 888 Holdings and The Rank Group.

The revised proposal was at 199p cash a share, plus 0.860 BidCo shares for each William Hill share.

"Having reviewed the revised proposal ... the Board of William Hill has unanimously rejected the revised proposal," it said.

William Hill said the revised proposal continued to substantially undervalue it, and thus its directors saw "no merit in engaging with the consortium".

"The Board of William Hill continues to believe that the Revised Proposal is highly opportunistic and does not reflect the inherent value of the Group.

"Under the Revised Proposal, William Hill shareholders continue to be offered a substantial proportion of their consideration in highly leveraged BidCo shares.

"So it is directly relevant that the Board of William Hill continues to believe that a combination of William Hill with 888 and Rank will not enhance William Hill's strategic positioning or deliver superior value for shareholders compared against William Hill's strategy, which is focused on increasing the Group's diversification by growing its digital and international businesses."

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Related Shares: 888 Hldgs, Rank Grp., William Hill

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