It was only a matter of time. After a failed attempt to enter the industry M&A fray last year with a bid for 888, William Hill finds itself back in the mix. Only this time it is the hunted, rather than the hunter.
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The merger of Betfair and Paddy Power is a merger of winners rather than the merger of an underperformer and its knight in shining armour. That is the most engaging part of the deal. There is a temptation to presume that they will be an overwhelming force of nature when combined. But the thing is, they won’t really be combined.