London-listed gaming operators 888 Holdings and Rank Group are refusing to back down from their bid to acquire William Hill plc., setting out their rationale for the acquisition Wednesday in response to William Hill's "non-engagement" with the bidders.
William Hill rejected their non-binding proposal on Tuesday (August 9th), describing it as "highly opportunistic".
The bidders said in response Wednesday that they believe the bid to represent a compelling value creation opportunity for William Hill and its shareholders, adding that they would "welcome the opportunity to engage with the board of William Hill on a constructive basis with the goal of consummating a recommended transaction".
The bid would see 888 Holdings merge with Rank Group, with Rank shareholders receiving 1.086 new 888 shares for each Rank share held. At the same time, 888 would acquire William Hill for cash and newly issued shares in 888, with William Hill shareholders receiving 199 pence in cash and 0.725 new 888 shares for each William Hill share held.