Bookmaker William Hill rebuffs 888 Holdings bid

British bookmaker William Hill gave a frosty response to a proposed takeover bid from 888 Holdings and Rank Group, saying it saw little merit in the merger.

The group’s shares jumped 11% after William Hill, which is without a chief executive and about to lose its market lead following a wave of industry consolidation, said it had received a preliminary approach from casino operator Rank and online gambling group 888.

“It is not clear that a combination of William Hill with 888 and Rank will enhance William Hill’s strategic positioning or deliver superior value to William Hill’s strategy,” it said in a statement.