A revised bid for bookie William Hill (WMH) by its rivals 888 (888) and Rank Group (RNK) still represents "substantial risk", according to the target's board.
The bid by the duo only represents a 12 per cent premium to the 314p share price the William Hill stock traded at when news first emerged of a mooted deal in July. The group said the proposal was "highly complicated" given the three parties involved and estimated cost synergies would only be achieved by the end of 2020.
Furthermore, leverage at the combined group would hit £2.2bn, which William Hill said would mean it carrying a "much higher interest charge".
Chairman Gareth Davis said the revised proposal "continues to substantially undervalue the company and the cash element of the proposal has not changed". As such, he saw "no merit in engaging".
The bidders now have until 21 August to make a firm offer or decide against the tie-up.
