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William Hill approached by 888 and Rank for gambling merger
UK betting firm William Hill has been approached by rival gambling business 888 and Rank Group about a merger.
William Hill stated it would "listen to and consider" any proposal.
However, it was not clear that a combination of William Hill, 888 and Rank would "deliver superior value", the company stated, external.
Online operator 888 and Rank, the UK's greatest casino chain, stated they saw "significant industrial logic in the combination".
William Hill said the technique was "extremely preliminary", while Rank and 888 said they had actually not yet made a formal deal to the bookie's board.
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Shares in William Hill increased 4.8%, while 888 shares rose 3.4% and Rank lost 0.5%.
'Surprise'
The move comes simply days after William Hill's chief executive, James Henderson, was ousted from the UK's greatest wagering store operator following a series of profit cautions.
Mr Henderson, who took the helm in August 2014, had failed to deal with issues in the firm's struggling online business.
In May, its latest trading upgrade, the firm stated, external net incomes had actually fallen 11% in its online division in the 17 weeks to 26 April.
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William Hill's shares have actually dropped 21% since the start of the year, valuing the former FTSE 100 firm at ₤ 2.7 bn.
David Jennings, an at Davy, stated the news was "unquestionably a surprise, offered that the combined value of 888 and Rank is ₤ 1.7 bn".
Rank and 888 said there was "no certainty that any transaction will ultimately take location".
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Rank's president, Henry Birch, is a former head of William Hill's online department.
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Under UK takeover rules, the firms have up until 21 August to either make a company bet9ja's welcome offer or leave.
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The possible bid follows William Hill attempted to get 888 last year in a ₤ 720m bet9ja's welcome offer, but the offer collapsed after 888 declined the deal as too low.
Since then, competing betting firms Ladbrokes and Gala Coral have actually concurred a ₤ 2.3 bn merger which received initial regulator approval in May.
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The combined group would make it larger than William Hill, currently the largest UK bookmaker based on variety of shops.
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Irish bookie Paddy Power and online operator Betfair likewise consented to join forces last September.
Gambling industry bets on combination
William Hill and 888 end bid talks
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Betting merger might depend on shop sales
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William Hill Approached by 888 and Rank For Gambling Merger
hallindgren066 edited this page 2025-10-19 01:07:10 +02:00