William Hill Rejects Revised Offer from Rank And 888 William Hill turns down modified offer from Rank and 888 15 August 2016 Bookmaker William Hill has rejected a revised takeover method from 888 and Rank, saying it still "substantially" undervalues the company. William Hill stated the new proposition provided its shareholders an estimated value of 352p a share, compared to a previous offer of 339p a share. Rank and 888 reaffirmed their view that the offer was "a compelling worth creation chance for William Hill". But William Hill stated the modified offer was "highly opportunistic". "The board continues to see no merit in engaging with the consortium," the company added. The revised takeover proposal would see William Hill investors receive 199p in money and 0.86 of shares in BidCo - the business being formed by 888 and Rank to buy William Hill - for each share they own. William Hill investors would wind up with 48.8% of the combined group. Under the previous approach, William Hill shareholders were used 199p in cash and 0.725 BidCo shares, leaving financiers with 44.6% of the combined group. 'Substantial danger' "This revised proposal continues to significantly underestimate the business and the money component of the proposal has not altered. Therefore, the board sees no merit in interesting," said William Hill's chairman, Gareth Davis. "As we have stated before, this is highly opportunistic and intricate and does not enhance the strategic positioning of William Hill. "The board continues to think we have a strong group to deliver exceptional worth to our investors and trading at the start of the 2nd half provides us restored confidence in our stand-alone technique.