William Hill approached by 888 and Rank for gambling merger
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UK betting firm William Hill has actually been approached by competing gambling companies 888 and Rank Group about a merger.
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William Hill stated it would "listen to and think about" any proposal.
However, it was unclear that a combination of William Hill, 888 and Rank would "provide exceptional value", the company said, external.
Online operator 888 and Rank, the UK's biggest casino chain, stated they saw "significant commercial logic in the mix".
William Hill said the technique was "highly initial", while Rank and 888 stated they had actually not yet made an official deal to the bookmaker's board.
Shares in William Hill increased 4.8%, while 888 shares increased 3.4% and Rank lost 0.5%.
'Surprise'
The relocation comes simply days after William Hill's president, James Henderson, was ousted from the yohaig code UK's biggest wagering shop operator following a series of earnings warnings.
Mr Henderson, who took the helm in August 2014, had actually stopped working to fix issues in the company's having a hard time online business.
In May, its most trading upgrade, the firm said, external net earnings had actually fallen 11% in its online department in the 17 weeks to 26 April.
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William Hill's shares have actually dropped 21% because the start of the year, valuing the previous FTSE 100 firm at ₤ 2.7 bn.
David Jennings, an analyst at Davy, said the news was "undoubtedly a surprise, considered that the combined worth of 888 and Rank is ₤ 1.7 bn".
Rank and 888 said there was "no certainty that any deal will ultimately occur".
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Rank's president, Henry Birch, is a previous head of William Hill's online department.
Under UK takeover guidelines, the firms have till 21 August to either make a firm deal or leave.
The prospective quote comes after William Hill tried to acquire 888 in 2015 in a ₤ 720m bet9ja's welcome offer, but the offer collapsed after 888 declined the deal as too low.
Since then, competing betting companies Ladbrokes and Gala Coral have concurred a ₤ 2.3 bn merger which received initial regulator approval in May.
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The combined group would make it bigger than William Hill, currently the largest UK bookie based on number of shops.
Irish bookie Paddy Power and online operator Betfair likewise agreed to sign up with forces last September.
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William Hill Approached by 888 and Rank For Gambling Merger
mellissapenney edited this page 2025-10-19 19:57:38 +08:00