William Hill Approached by 888 and Rank For Gambling Merger
William Hill approached by 888 and Rank for gambling merger
UK betting firm William Hill has actually been approached by rival gaming companies 888 and Rank Group about a merger.
William Hill stated it would "listen to and think about" any proposal.
However, it was not clear that a mix of William Hill, 888 and Rank would "provide remarkable worth", the company stated, external.
Online operator 888 and Rank, the UK's greatest gambling establishment chain, said they saw "considerable industrial logic in the mix".
William Hill said the approach was "highly initial", while Rank and 888 stated they had actually not yet made an official deal to the bookie's board.
Shares in William Hill increased 4.8%, while 888 shares increased 3.4% and Rank lost 0.5%.
'Surprise'
The move comes just days after William Hill's president, James Henderson, was ousted from the UK's biggest wagering shop operator following a series of revenue warnings.
Mr Henderson, who took the helm in August 2014, had actually failed to resolve problems in the company's struggling online organization.
In May, its most recent trading upgrade, the firm said, external net profits had actually fallen 11% in its online division in the 17 weeks to 26 April.
William Hill's shares have actually dropped 21% considering that the start of the year, valuing the former FTSE 100 firm at ₤ 2.7 bn.
David Jennings, an expert at Davy, stated the news was "unquestionably a surprise, considered that the combined value of 888 and Rank is ₤ 1.7 bn".
Rank and 888 stated there was "no certainty that any transaction will eventually take location".
Rank's president, Henry Birch, is a previous head of William Hill's online division.
Under UK takeover rules, the firms have till 21 August to either make a firm deal or stroll away.
William Hill approached by 888 and Rank for gambling merger
UK betting firm William Hill has actually been approached by rival gaming companies 888 and Rank Group about a merger.
William Hill stated it would "listen to and think about" any proposal.
However, it was not clear that a mix of William Hill, 888 and Rank would "provide remarkable worth", the company stated, external.
Online operator 888 and Rank, the UK's greatest gambling establishment chain, said they saw "considerable industrial logic in the mix".
William Hill said the approach was "highly initial", while Rank and 888 stated they had actually not yet made an official deal to the bookie's board.
Shares in William Hill increased 4.8%, while 888 shares increased 3.4% and Rank lost 0.5%.
'Surprise'
The move comes just days after William Hill's president, James Henderson, was ousted from the UK's biggest wagering shop operator following a series of revenue warnings.
Mr Henderson, who took the helm in August 2014, had actually failed to resolve problems in the company's struggling online organization.
In May, its most recent trading upgrade, the firm said, external net profits had actually fallen 11% in its online division in the 17 weeks to 26 April.
William Hill's shares have actually dropped 21% considering that the start of the year, valuing the former FTSE 100 firm at ₤ 2.7 bn.
David Jennings, an expert at Davy, stated the news was "unquestionably a surprise, considered that the combined value of 888 and Rank is ₤ 1.7 bn".
Rank and 888 stated there was "no certainty that any transaction will eventually take location".
Rank's president, Henry Birch, is a previous head of William Hill's online division.
Under UK takeover rules, the firms have till 21 August to either make a firm deal or stroll away.