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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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.
Click here for Free Signals OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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