Thursday, 11 August 2016

William Hill turns down Quek’s offer

William Hill Plc, Britain’s largest bookmaker, has turned down a £3.2bil cash-and-stock offer by Tan Sri Quek Leng Chan-controlled Rank Group Plc and 888 Holdings Plc.

The bookmaker said in a statement on its website that the joint takeover bid was rejected because it “substantially undervalues” the company.

The proposal represents a premium of 16% to the William Hill share price of 314 pence on July 22 (being the last trading date prior to the announcement of a possible offer by the consortium) and a premium of only 11% to the William Hill share price of 327 pence on Aug 8 (being the last trading date prior to this announcement).

Willaim Hill, in the statement, said it had “unanimously rejected the proposal” after having reviewed it with its financial advisers - Citi and Barclays.

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