Both 888 Holdings and the Rank Group have abandoned their pursuit of acquiring William Hill. The two entities retracted their proposition for a three-way amalgamation, a topic that had been garnering significant media attention.
888 and Rank Group had presented William Hill’s leadership with two distinct propositions, both of which were declined. The initial offer was put forth on August 8th, followed by a revised proposal on August 14th. William Hill did not view either proposition as advantageous.
In a combined announcement, 888 and Rank Group stressed their conviction in the merger’s worth. They characterized it as a “revolutionary prospect” within the gaming sector. Nevertheless, they attributed the withdrawal of their offer to an inability to engage meaningfully with William Hill’s board.
888’s Chief Executive, Itai Frieberger, conveyed his dissatisfaction, remarking, “We are disheartened that William Hill’s board has not embraced our vision for the unification of our enterprises.” He added that the merger would have yielded advantages for all stakeholders, establishing a more robust and multifaceted entity.
Rank Group’s Chief Executive, Henry Birch, reiterated Frieberger’s sentiments. He asserted that the merger would have generated substantial value for all three corporations. Birch also expressed gratitude to the shareholders of both 888 and Rank Group for their backing.
William Hill, in a separate declaration, acknowledged 888 and Rank Group’s decision.
William Hill’s head, Gareth Davis, revealed that the proposed takeover by an investment consortium has been abandoned. He stressed that William Hill remains committed to its current plans for enhancing shareholder returns, highlighting their robust results throughout the year. Davis further stated that the board anticipates 2016 operating profits to hit the upper limits of their earlier projections, ranging from £2.6 to £2.8 billion.
