Mon, Jul 25, 11:27am by Staff Writer
The shake-up of Britain’s biggest betting firms look set to continue with 888 and Rank Group tabling a takeover bid for betting behemoth William Hill.
Online operator 888 and Rank, the UK’s biggest casino chain, said they were ‘evaluating a possible offer’ for William Hill.
It comes just days after CEO James Henderson resigned amid a series of profit warnings for William Hill, whose shares have dropped 21% since the start of the year.
“The consortium sees significant industrial logic in the combination, through consolidation of their complementary online and land-based operations, delivery of substantial revenue and cost synergies and from the anticipated benefits of economies of scale which will accrue to all shareholders,” 888 and Rank said in a joint statement after reports of their talks emerged.
Under UK law, the firms have until August 21 to either make a firm offer or walk away from the deal.
The bid is all the more remarkable considering William Hill tried to acquire 888 last year in a £720m offer.
Any merger of takeover would add to the dramatic change in the British landscape. Ladbrokes and Coral have agreed a £2.3bn merger, which has preliminary approval while Irish bookmaker Paddy Power and online operator Betfair also agreed to join forces last September.
He may no longer be known simply as the 'no pokies' Senator, but Nick Xenophon is determined to pursue further gambling law…
The proposed merger between Tatts and Tabcorp hit another potential hurdle on Wednesday when a third-party consortium, led by Macquarie Group, launched…
One Sydney punter has admitted a $10 bet which he converted into over $66,000 thanks to a 20-leg soccer multi was a…