William Hill Bid Farewell to $4.2 Billion Offer from 888 and RankPublished August 10, 2016 by Sol FH
The UK sportsbook William Hill has decided to reject a huge offer by 888, Rank Group.
The acquisition of famed UK sportsbook, William Hill did not go through. An offer was made the other day for an astonishing $4.2 Billion, but William Hill's decision-makers decided to say no to the money; it was a surprise to all that this deal did not go through. Take into consideration that a bid to buy the UFC for $4.2 Billion was accepted by the mixed martial arts league recently and when it comes to cash amounts like this, one would be hard-pressed to deny it.
Rank Group's bid was for 364 pence a share with 45 percent coming from shares in a newly formed company created to make the acquisition. William Hill is holding out as the offer seriously is lower than the worth of the company in reality. $4.2 Billion represents a "low premium" said representatives of William Hill on Tuesday. They know that the bid undervalues the famed sportsbook and it does not represent the inherent value of the company. The proposal also included a lot of risk for the shareholders, as they would be merging with a company that would have 2.2 billion pounds of debt to fund the cash part of the deal.
Major mergers have happened over the last while in the iGaming and sportsbetting world with Plc and Coral merging with Ladbrokes not too long ago. That will make Ladbrokes the biggest bookmaker in Britain, beating out companies like William Hill and bet365 for top spot.