William Hill Approached by 888 and Rank For Gambling Merger
William Hill approached by 888 and Rank for gambling merger
UK wagering company William Hill has been approached by rival gambling companies 888 and Rank Group about a merger.
William Hill said it would "listen to and consider" any proposition.
However, it was not clear that a mix of William Hill, 888 and Rank would "provide superior worth", the company said, external.
Online operator 888 and Rank, the UK's greatest casino chain, stated they saw "substantial commercial logic in the mix".
William Hill stated the technique was "extremely preliminary", while Rank and 888 said they had actually not yet made a formal deal to the bookmaker's board.
Shares in William Hill increased 4.8%, while 888 shares increased 3.4% and Rank lost 0.5%.
'Surprise'
The relocation comes simply days after William Hill's chief executive, James Henderson, was ousted from the UK's most significant wagering store operator following a series of revenue warnings.
Mr Henderson, who took the helm in August 2014, had actually stopped working to deal with problems in the firm's having a hard time online company.
In May, its newest trading update, the company stated, external net incomes had fallen 11% in its online division in the 17 weeks to 26 April.
William Hill's shares have dropped 21% given that the start of the year, valuing the former FTSE 100 firm at ₤ 2.7 bn.
David Jennings, an expert at Davy, said the news was "unquestionably a surprise, given that the combined worth of 888 and Rank is ₤ 1.7 bn".
Rank and 888 said there was "no certainty that any deal will eventually occur".
Rank's president, Henry Birch, is a previous head of William Hill's online division.
Under UK takeover rules, the companies have until 21 August to either make a firm offer or stroll away.
William Hill approached by 888 and Rank for gambling merger
UK wagering company William Hill has been approached by rival gambling companies 888 and Rank Group about a merger.
William Hill said it would "listen to and consider" any proposition.
However, it was not clear that a mix of William Hill, 888 and Rank would "provide superior worth", the company said, external.
Online operator 888 and Rank, the UK's greatest casino chain, stated they saw "substantial commercial logic in the mix".
William Hill stated the technique was "extremely preliminary", while Rank and 888 said they had actually not yet made a formal deal to the bookmaker's board.
Shares in William Hill increased 4.8%, while 888 shares increased 3.4% and Rank lost 0.5%.
'Surprise'
The relocation comes simply days after William Hill's chief executive, James Henderson, was ousted from the UK's most significant wagering store operator following a series of revenue warnings.
Mr Henderson, who took the helm in August 2014, had actually stopped working to deal with problems in the firm's having a hard time online company.
In May, its newest trading update, the company stated, external net incomes had fallen 11% in its online division in the 17 weeks to 26 April.
William Hill's shares have dropped 21% given that the start of the year, valuing the former FTSE 100 firm at ₤ 2.7 bn.
David Jennings, an expert at Davy, said the news was "unquestionably a surprise, given that the combined worth of 888 and Rank is ₤ 1.7 bn".
Rank and 888 said there was "no certainty that any deal will eventually occur".
Rank's president, Henry Birch, is a previous head of William Hill's online division.
Under UK takeover rules, the companies have until 21 August to either make a firm offer or stroll away.