Israeli online gambling company 888 Holding plc (LSE:888) and UK casino and bingo hall operator Rank (LSE: RNK) have abandoned their bid for British bookmaker William Hill (LSE: WMH). Today was the deadline for the two companies to make a firm bid, 28 days after officially announcing their interest in William Hill.
However, last Thursday 888 and Rank gave up the chase after having had two bids for £3.2 billion and then £3.4 billion rejected by William Hill as not reflecting the company's value. William Hill's market cap is £2.73 billion
Last month 888 and Rank issued the following statement when teaming to consider a bid. “The consortium sees significant industrial logic in the combination, through consolidation of their complementary online and land-based operations, delivery of substantial revenue and cost synergies and from the anticipated benefits of economies of scale, which will accrue to all shareholders.”
In February 2015, William Hill offered to buy 888 but the Shaked family, now the controlling shareholders in the company, held out for more than the £2 per share on offer, and today the 888 share price is worth £2.16.
Published by Globes [online], Israel business news - www.globes-online.com - on August 21, 2016
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