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William Hill faces takeover bid from 888 and Rank tie-up William Hill receives gambling merger bid from 888 and Rank
(about 13 hours later)
William Hill is expected to receive a takeover offer from rival gambling firms 888 and Rank Group after they joined forces to make a possible bid. UK betting firm William Hill has received a merger offer from rival gambling companies 888 and Rank Group.
Online operator 888 and Rank, the UK's biggest casino chain, said they were "evaluating a possible offer". William Hill said it would "listen to and consider" any proposal.
The two firms see "significant industrial logic in the combination". However, it was not clear that a combination of William Hill, 888 and Rank would "deliver superior value", the company said.
The move comes just days after William Hill's chief executive James Henderson was ousted from the bookmaker following a series of profit warnings. Online operator 888 and Rank, the UK's biggest casino chain, said they saw "significant industrial logic in the combination".
The move comes just days after William Hill's chief executive, James Henderson, was ousted from the bookmaker following a series of profit warnings.
Mr Henderson, who took the helm in August 2014, had failed to resolve problems in the firm's struggling online business.Mr Henderson, who took the helm in August 2014, had failed to resolve problems in the firm's struggling online business.
In May, its most recent trading update, the firm said net revenues had fallen 11% in its online division in the 17 weeks to 26 April.In May, its most recent trading update, the firm said net revenues had fallen 11% in its online division in the 17 weeks to 26 April.
William Hill's shares have dropped 21% since the start of the year, valuing the former FTSE 100 firm at £2.7bn.William Hill's shares have dropped 21% since the start of the year, valuing the former FTSE 100 firm at £2.7bn.
Rank and 888 said they had not yet made a formal approach to William Hill's board, and said there was "no certainty that any transaction will ultimately take place". Rank and 888 said they had not yet made a formal approach to William Hill's board and added there was "no certainty that any transaction will ultimately take place".
Rank's chief executive, Henry Birch, is a former head of William Hill's online division.Rank's chief executive, Henry Birch, is a former head of William Hill's online division.
Under UK takeover rules, the firms have until 21 August to either make a firm offer or walk away.Under UK takeover rules, the firms have until 21 August to either make a firm offer or walk away.
The potential bid comes after William Hill tried to acquire 888 last year in a £720m offer, but the deal collapsed after 888 rejected the offer as too low.The potential bid comes after William Hill tried to acquire 888 last year in a £720m offer, but the deal collapsed after 888 rejected the offer as too low.
Since then, rival betting firms Ladbrokes and Gala Coral have agreed a £2.3bn merger which received preliminary regulator approval in May.Since then, rival betting firms Ladbrokes and Gala Coral have agreed a £2.3bn merger which received preliminary regulator approval in May.
The combined group would make it bigger than William Hill, currently the largest UK bookmaker based on number of shops.The combined group would make it bigger than William Hill, currently the largest UK bookmaker based on number of shops.
Irish bookmaker Paddy Power and online operator Betfair also agreed to join forces last September.Irish bookmaker Paddy Power and online operator Betfair also agreed to join forces last September.