888 and Rank Group Withdraw Merger Bid for William Hill

Author of the posts By Audrey "Aura" Watson Jun11,2024

888 Holdings and the Rank Group have abandoned their proposed acquisition of William Hill, withdrawing their prominent three-way merger bid.

Separate, non-binding propositions were presented to the William Hill board by the two corporations on August 8th and 14th, respectively, but both were declined.

In a combined announcement, 888 and Rank Group reaffirmed their confidence in the merger proposal’s benefits, describing it as “transformative” for the worldwide gaming sector.

The corporations opted to stop their pursuit, however, citing an “incapacity to interact productively with the William Hill board.”

Itai Frieberger, CEO of 888, expressed disappointment that the William Hill board “did not agree with our vision for the merged organization.”

“We maintain that the union of these highly synergistic businesses would have had compelling industrial logic and would have delivered value for all stakeholders through substantial revenue and cost synergies,” he continued.

Henry Birch, CEO of Rank Group, said, “We remain certain of the significant value creation that would result from combining the three businesses.”

“Rank and 888 would like to express their gratitude to their respective shareholders for their support during this process.”

William Hill also issued a statement acknowledging 888 and Rank Group’s stance.

The head of William Hill, Gareth Davis, shared that the prospective purchasers, a group comprising 888 Holdings and Rank Group, have withdrawn their bid and will no longer seek to acquire William Hill.

Despite this hurdle, Davis conveyed optimism in William Hill’s independent plan for generating shareholder value. He emphasized the firm’s robust results in the latter half of the year, noting they are positioned to surpass their original earnings projection of £260 million to £280 million for 2016.

Author of the posts

By Audrey "Aura" Watson

With a Master's degree in Probability Theory and a Bachelor's in Music, this talented writer has a unique perspective on the role of chance, randomness, and improvisation in both gambling and musical performance. They have expertise in stochastic processes, music theory, and performance studies, which they apply to the analysis of the structural and experiential similarities between casino games and musical compositions. Their articles and reviews provide readers with a creative and interdisciplinary perspective on the casino industry and the strategies used to promote artistic expression and cultural innovation.

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