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Revised approach "substantially undervalues" William Hill

Rivals 888 and Rank Group have improved their offer, but the board of the UK's biggest bookmaker still doesn't like the odds
August 17, 2016

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.

IC TIP: Buy at 308p

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.

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