William Hill Rejects Revised Offer from Rank And 888 William Hill turns down modified deal from Rank and 888 15 August 2016 Bookmaker William Hill has actually turned down a modified takeover approach from 888 and Rank, saying it still "significantly" undervalues the company. William Hill stated the brand-new proposal offered its investors an estimated worth of 352p a share, compared to a previous offer of 339p a share. Rank and 888 declared their view that the offer was "an engaging worth creation chance for William Hill". But William Hill stated the revised deal was "highly opportunistic". "The board continues to see no benefit in engaging with the consortium," the business included. The revised takeover proposal would see William Hill investors receive 199p in money and 0.86 of shares in BidCo - the business being formed by 888 and Rank to purchase William Hill - for each share they own. William Hill investors would end up with 48.8% of the combined group. Under the previous method, William Hill investors were provided 199p in cash and 0.725 BidCo shares, leaving investors with 44.6% of the combined group. 'Substantial threat' "This revised proposal continues to substantially undervalue the business and the money aspect of the proposition has not altered. Therefore, the board sees no benefit in appealing," stated William Hill's chairman, Gareth Davis. "As we have actually stated before, this is highly opportunistic and complicated and does not improve the strategic positioning of William Hill. "The board continues to think we have a strong group to deliver superior value to our investors and trading at the start of the second half gives us renewed self-confidence in our stand-alone technique.