William Hill rejects revised 888-Rank approach

LONDON, Aug 15 (Reuters) - British bookmaker William Hill (Other OTC: WIMHF - news) said on Monday it had rejected a revised takeover proposal from rivals 888 Holdings and Rank Group , saying it continues to undervalue the group.

The revised proposal comprises 199 pence in cash and 0.860 BidCo shares per William Hill share, and would result in William Hill shareholders owning 48.8 percent of the combined group.

William Hill said that with the exception of William Hill shareholders' proposed ownership of the combined group, none of the other key terms of the revised proposal have changed from the consortium's original 3.16 billion pounds ($4.08 billion)proposal last week.

"The Board of William Hill has unanimously rejected the revised proposal as it continues to substantially undervalue William Hill and as such the board continues to see no merit in engaging with the consortium," it said. ($1 = 0.7738 pounds) (Reporting by James Davey; editing by Kate Holton)