William Hill, one of the vital largest bookmakers within the world, has turned down a £3.2 billion ($4.2 billion) takeover offer from two rival online gaming firms.

UK-based William Hill said Tuesday that it won’t be accepting the cash-and-stock offer from 888 Holdings and Rank Group. Just last year, William Hill was acquiring 888.

Gareth Davis, Chairman of William Hill, said in a press release that the proposal “substantially undervalues William Hill, is very opportunistic and doesn't reflect the inherent value of the business.” Consistent with a report from Bloomberg, 888 and Rank will likely come again with the next offer, but it’s unlikely it might be accepted.

“It is an overly complex three-way combination at a low premium involving substantial risk for William Hill shareholders: execution risk, integration risk and risks of materially increased leverage,” Davis added. “The Group has a robust team to deliver against our way to grow our digital and international businesses so we strongly advise that shareholders take no action.”

Read More... [Source: CardPlayer Poker News]