There was talk of William Hills Plc and the Rank Group merger, but the 2 UK gambling giants have ended discussions of joining forces.
William Hill and Rank talks fail"The plan is thought to have been rejected by William Hill's board, chaired by Charles Scott, on valuation grounds.
Although both William Hill and Rank have similar stock market capitalisations, they trade on different price-earnings multiples.
Rank's board, which is headed by William Cathcart, the
Avis Europe chairman, is not thought to have voted on the William Hill merger proposal.
A merger would have combined William Hill's eponymous bookmaking chain with Rank's
Mecca bingo - the
Grosvenor casinos and the
Blue Square online betting operation.
Under the proposal, Mr
David Harding would have become chief executive of an enlarged group that would rival
Gala Group - the private equity-backed bingo and casino operator.
Gamblog Comment - Bill Hill and all their highstreet betting shops are big enough as it is, so are Rank and their bingo and casino operations. The plan to merge made no sense to me, but then I am not a high powered financier, so what would I know? I just bet in the places and shoot off home to watch my 3 legged horses and greyhounds run backwards.
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