William Hill rejects second takeover offer
William Hill has rejected a second takeover offer from 888 Holdings and Rank Group, saying that is still “substantially” undervalues the company.
The consortium or casino heavyweight Rank Group and online gambling site 888 are aiming to create Britain’s largest multi-channel gambling group, saving £100 million per year. However, William Hill called their offer of 352p per share – up from their previous offer of 339p per share – “highly opportunistic”.
William Hill’s chairman, Gareth Davis, commented, “this revised proposal continues to substantially undervalue the company and the cash element of the proposal has not changed. Therefore, the board sees no merit in engaging.”
William Hill (LON:WMH) shares are down 2.46 percent this morning at 325.50 (0944GMT).
Japanese growth slows further in the second quarter
Japanese growth slowed again in the second quarter, coming in under analysts’ expectations and further undermining Premier Shinzo Abe’s economic policies
The Japanese economy expanded by just 0.2 percent in the second quarter, less than the 0.7 percent increase expected and steep drop 2 percent increase in the first quarter of the year, according to the latest Cabinet Office data.
Japan has grappled with twenty years of deflation despite the stimuli introduced by Abe’s “Abenomic” measures. The economy’s failure to respond positively suggests a further policy review is needed.
Oil up amidst further oversupply agreement speculation
Oil prices rose further gain on Monday, as hopes rise yet again for an agreement on oversupply.
Brent crude is up 11 percent on the start of the month, with West Texas Intermediate up 7 percent. WTI is currently trading at $44.49 per barrel, with Brent at $46.97.
Prices have risen steadily over the course of this year since the record lows seen at the height of the oil rout. Speculation is now increasing over potential producer action the curb the chronic overproduction forcing down prices, amidst a battle between Middle Eastern producers for Asian market share.
15/08/2016
