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888 and Rank Group join forces to bid for William Hill

Reuters - UK Focus

LONDON, July 24 (Reuters) - Online gambling group 888 Holdings and casino operator Rank Group said on Sunday they were joining forces to make a bid for William Hill (Other OTC: WIMHF - news) , Britain's biggest bookmaker.

A consortium of the two groups said it saw significant industrial logic in the combination, "through consolidation of their complementary online and land-based operations."

"No formal approach has yet been made to the Board of William Hill and there can be no certainty that any such approach will be made," the companies said in a statement in response to a press report on Sunday.

"Accordingly, there can be no certainty that any transaction will ultimately take place, nor as to the terms on which any such transaction might be constituted."

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The Sunday Times earlier reported that Rank Holdings was in talks with 888 Holdings about creating a 2 billion pounds ($2.6 billion) gambling group, potentially with the aim of launching a bid for William Hill.

(Reporting by Paul Sandle; Editing by Raissa Kasolowsky)