In the statement the bookmaker said although no formal proposal was submitted by the Consortium, William Hill would carefully consider any future proposal.
UK.- William Hill released a statement amid the latest takeover reports. The bookmaker clarified that 888 and Rank Group’s Consortium has not forwarded a proposal in terms of timing, position on prices, transaction structure and form of consideration. However, William Hill’s board would consider and listen to any proposal that would be approaching.
The strategic positioning and enhancements of the William Hill, Rank and 888 takeovers are still unclear, as the value of the focus that is being directed over the group’s international and digital business has not yet been unveiled.
In the statement, William Hill also announced that it would publish the first half-year results on August 5th. This report will show the results for the 26 to 28 weeks. After the consortium announced on July 24th that they are now being considered an “Offer Period”, William Hill is required to suspend all share buybacks effective immediately.
Now according to the Code, under Rule 2.6(a) specifically, the Consortium is required, no later than 5:00pm August 21, 2016 to make the announcement on whether the company has intentions of making an offer for William Hill, or that it doesn’t not intend to. The Consortium has not approved the announcement released by William Hill.