William Hill Rejects Rank and 888's ₤ 3.16 Bn Bid William Hill rejects Rank and 888's ₤ 3.16 bn quote Bookmaker William Hill has actually rejected a ₤ 3.16 bn takeover deal from online operator 888 and gambling establishment huge Rank. The quote, in shares and cash, was called "highly opportunistic" by Gareth Davis, chairman of William Hill, who stated it did not reflect its true value. The deal would develop the UK's third-largest online betting group with earnings of ₤ 2.7 bn. William Hill shares have increased 22% to 334p since 888 said last month that it was considering a joint bid with Rank. The bid would imply 888 taking over Rank, with the newly formed company then purchasing William Hill. Mr Davis stated that it would involve some ₤ 2.2 bn in debt. He stated: "It is an extremely intricate three-way combination at a low premium involving substantial threat for William Hill shareholders: execution risk, integration risk and threats of materially increased utilize." But Rank and 888 argue that its business strategy would increase the company's worth to approximately 408p a share - or ₤ 3.6 bn. 888 and Rank said that they see "substantial commercial reasoning in the combination, through consolidation of their complementary online and land-based operations, shipment of considerable earnings and cost synergies, and from the awaited advantages of economies of scale which will accumulate to all shareholders." Turnaround William Hill stated that it was currently seeing a turn-around in its own online company, and while a merger would give it access to 888's overseas markets it responded that it was already seeing growth of 12% in its Australia operation and 49% in operating earnings in the US. William Hill attempted and failed to obtain 888 in a ₤ 700m deal last year.