William Hill: ‘No merit’ in engaging with suitors

British betting services giant William Hill has said it sees “no merit” in engaging with suitors Rank and 888 Holdings after rejecting a revised takeover bid from the pair.

Last week, William Hill turned down a £3.6bn (€4.2bn) takeover offer from the online gaming, bingo and casino consortium and, yesterday, was quick to refuse revised terms.

While the updated bid still values a deal at £3.6bn – or 199p per share – existing William Hill shareholders would now end up owning 48.8% of the enlarged entity, should the transaction succeed, rather than the 44.6% previously envisaged, on account of 0.86 shares per William Hill share now also being offered rather than 0.725 previously.