William Hill board rejects Rank Group and 888 offer

William Hill have firmly rejected a joint-offer from the Rank Group and 888 Holdings to merge with the high street bookmaker, saying the bid "substantially undervalues" the firm.

The complex proposal valued Hills at £3.6 billion and would have comprised a merger of the Rank Group and 888, forming new company BidCo, that would have then acquired Hills for a combination of cash and BidCo shares.

However, the proposal was considered too complicated and high-risk by the Hills board and it unanimously rejected it yesterday.