888s top dog, Eyal Shaked, took to social media to criticize William Hill for letting pride get in the way of a lucrative agreement – a merger proposition from 888 and Rank Group.

It seems William Hill declined a rather substantial bid of 364 pence per share, as revealed by the Financial Times. This proposal, calculated using the closing share prices of both 888 and Rank on August 5th, would have established a gaming titan.

William Hill’s leader, Gareth Davis, didn’t hold back his disapproval. He deemed the proposition “opportunistic,” stressing that it would have left William Hill with a less-than-favorable 44.6% ownership in the newly established entity, BidCo.

Davis further contended that joining forces with 888 and Rank wouldn’t significantly advance William Hill’s long-term objectives and wouldn’t yield as much worth for their investors compared to their current approach.

Shaked, known for his assertive nature, retorted on social media. He accused William Hill of sheer hubris, forecasting that this refusal would be their undoing. He even went so far as to say this was the final straw for 888 stakeholders who were growing weary of William Hill’s unwillingness to cooperate.

This entire episode is a continuation of the ongoing exchange between 888 and William Hill. In the previous year, William Hill attempted to purchase 888, but the agreement collapsed, allegedly due to discrepancies over 888’s worth. It appears history might not be repeating itself verbatim, but it certainly echoes the past.

888 and Rank’s joint bid, prompted by a tweet from an investor regarding shareholder profits and strategic acquisitions, has ignited a contentious struggle for control of William Hill. The bidders view their proposal as a “game-changing chance” to establish a dominant force in the UK gambling market, encompassing sports wagering and internet casinos.

However, the chairman of William Hill remains unconvinced, publicly rejecting the offer and arguing that a three-way merger would not serve the best interests of shareholders. This very public disagreement has created an uncomfortable situation.

Further complicating matters, William Hill has been without a CEO since James Henderson’s exit in July. It seems improbable that any significant agreement could proceed without a permanent leader at the helm. Some observers suggest this could pave the way for individuals like Henry Birch, the CEO of Rank and former head of William Hill Online, or Itay Friberger, the CEO of 888, to assume the role.

The competition is fierce! Both William Hill and 888 Holdings are vying for an amalgamation with Rank, an action that appears nearly essential in the current hyper-competitive gaming sector. Whichever company secures this agreement will be in a favorable position.