William Hill has rejected a second proposal to acquire the business by 888 Holdings and Rank Group, stating that the improved offer price continues to undervalue the company.

888 and Rank submitted an improved offer to William Hill on Sunday (August 14th), increasing the overall value of the bid to 352 pence per share from the previous bid of 339 pence per share (excluding synergy benefits), William Hill said.

According to 888 and Rank however, the value of the improved proposal would be 394 pence per William Hill share, based on the closing price of 888 shares on August 5th, the last business day prior to the submission of the original proposal.

The bidders added that the value of the improved proposal is calculated on a consistent basis with the original proposal.

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