888 Holdings and the Rank Group have rescinded their offer to purchase William Hill, ceasing their quest for a prominent three-company amalgamation.
Individual, non-obligatory propositions were presented by both entities to the William Hill board on August 8th and 14th, respectively, but were declined.
In a collaborative declaration, 888 and the Rank Group restated their conviction in the value of their proposition, which they asserted would have been “revolutionary” for the worldwide gaming sector.
The corporations expressed their inability to engage productively with the William Hill board regarding the rationale behind the refusal.
888 CEO Itai Frieberger conveyed his disappointment that the William Hill board failed to perceive the attractive value creation prospect of uniting their enterprises.
He emphasized his belief that the fusion of these highly complementary businesses possessed compelling industrial logic, offering substantial value for all stakeholders through revenue and cost efficiencies, while assembling a formidable asset foundation.
Rank Group CEO Henry Birch affirmed their continued belief in the transaction’s potential to generate significant value for all three shareholder groups.
He expressed gratitude for the shareholder support received throughout the process by both Rank Group and 888.
William Hill issued a statement acknowledging the position of 888 and the Rank Group.
The head of William Hill revealed that the business was informed a takeover offer from the group wouldn’t be forthcoming. He emphasized to stakeholders that William Hill is in a robust financial state, experiencing a positive start to the latter half of the year, and their priority continues to be generating value for their shareholders. The board anticipates that operational earnings for 2016 will reach the higher end of the previously projected range of £260 million to £280 million.
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