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Rank Group, 888 drop pursuit of rival William Hill

Reuters - UK Focus

Aug 18 (Reuters) - Casino and bingo hall operator Rank Group Plc and online gambling company 888 Holdings Plc have withdrawn their proposal to combine with rival British bookmaker William Hill Plc (Frankfurt: 633847 - news) .

Rank Group and 888 said on Thursday they had not been able to meaningfully engage with William Hill's board and did not intend making an offer.

William Hill spurned the consortium's initial 3.16 billion-pound ($4.1 billion) cash-and-shares proposal, saying it "substantially undervalued" the business. It rejected a revised takeover proposal on Monday, saying it continued to see no merit in engaging with the consortium. (Reporting by Pranav Kiran in Bengaluru; editing by Susan Thomas)