William Hill approached by 888 and Rank for gambling merger
UK wagering company William Hill has been approached by competing betting business 888 and Rank Group about a merger.
William Hill said it would "listen to and think about" any proposition.
However, it was not clear that a mix of William Hill, 888 and Rank would "provide superior worth", the company stated, external.
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Online operator 888 and Rank, the UK's most significant gambling establishment chain, said they saw "considerable industrial logic in the mix".
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William Hill said the yohaig code technique was "highly preliminary", while Rank and 888 stated they had actually not yet made a formal deal to the bookie's board.
Shares in William Hill increased 4.8%, while 888 shares rose 3.4% and Rank lost 0.5%.
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'Surprise'
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The move comes just days after William Hill's primary executive, James Henderson, was ousted from the UK's greatest wagering shop operator following a series of profit warnings.
Mr Henderson, who took the helm in August 2014, had failed to solve issues in the firm's having a hard time online service.
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In May, its most recent trading upgrade, the company said, external net profits had fallen 11% in its online department in the 17 weeks to 26 April.
William Hill's shares have dropped 21% considering that the start of the year, valuing the previous FTSE 100 firm at ₤ 2.7 bn.
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David Jennings, an expert at Davy, said the news was "certainly a surprise, provided 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 take place".
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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 up until 21 August to either make a firm deal or walk away.
The prospective bid comes after William Hill attempted to acquire 888 in 2015 in a ₤ 720m deal, however the offer collapsed after 888 turned down the bet9ja's welcome offer 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.
The combined group would make it larger than William Hill, presently the largest UK bookie based on number of stores.
Irish bookmaker Paddy Power and online operator Betfair likewise concurred to sign up with forces last September.
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William Hill Approached by 888 and Rank For Gambling Merger
sylviaheiden8 edited this page 2025-10-18 22:10:10 +00:00