It’s been a little while since we covered the developing news story that involved the Rank Group, 888 and William Hill. If you’re not aware, the Rank Group and 888 mentioned the two companies were seriously considering placing a bid to take over William Hill, who said the company would be open to the idea if the bid was acceptable. Well, since then Rank Group and 888 have officially made a bid on William Hill.
William Hill receives bid from 888 & Rank Group
The official bid for William Hill was placed by the Rank Group and 888 a few days ago. It is believed the two companies were offering £3.6 billion for the rival company. It didn’t take long for William Hill to respond to the official bid by rejecting the offer, saying that the amount was too low and the proposal was ill-conceived.
While this has certainly been a setback for 888 and the Rank Group, it hasn’t deterred them from pursuing the merger. While William Hill may have rejected the offer, the two companies have released a statement saying this merger presents an excellent opportunity for further growth for all three companies.
The Rank Group and 888 argue that allowing the deal between the three companies to go ahead had the potential to change the face of the gambling industry on a global scale, not just within the United Kingdom. The firms said the potential to become the largest multichannel operator was something that shouldn’t be overlooked and urged William Hill to come to the negotiating table to work something out.
What would the benefits be for William Hill, 888 and the Rank Group?
Well, no one can know for sure but it is expected that a merger of this magnitude would help increase the marketing effectiveness of the company, as well as lower operating costs and help to introduce new players from different countries to the company. Finally, Rank Group and 888 expect that a merger like this would help fight intensifying competition and increased taxes companies are facing
