William Hill snubs £3.1b takeover offer

London

WILLIAM Hill Plc rejected an increased £3.1 billion (S$5.4 billion) offer from 888 Holdings Plc and Rank Group Plc, stepping up its resistance to a takeover of the UK's biggest bookmaker as a deadline looms.

The two sides couldn't even agree on the valuation of the suitors' second bid, which would accelerate a round of betting industry consolidation that has included the pending merger of competitors Ladbrokes and Coral, and the combination of Paddy Power and Betfair. William Hill said the new bid was worth 352 pence per share, while Rank and 888 gave a valuation of 398 pence.