888 Holdings and the Rank Group have rescinded their acquisition offer for William Hill after the bookmaker’s directors dismissed their amalgamation proposition. Both firms had presented individual proposals on August 8th and 14th correspondingly, but neither proved fruitful.

While 888 and Rank, in a shared declaration, reaffirmed their confidence in the proposition, which they asserted would have been “revolutionary” for the worldwide gaming sector, they stated they opted to withdraw after being incapable of participating in “productive dialogues” with the William Hill board.

888 Chief Executive Itai Frieberger conveyed his dismay that the William Hill board was incapable of perceiving their vision for the unified enterprise.

He appended: “We persist in believing that the amalgamation of these highly compatible enterprises would have possessed a persuasive industrial rationale and yielded substantial worth for all stakeholders through both income and expenditure efficiencies.”

Rank Chief Executive Henry Birch remarked: “We maintain the perspective that the transaction would have generated significant worth for the shareholders of all three corporations.”

“Both ourselves and 888 desire to express gratitude to our shareholders for the backing they have furnished throughout this endeavor.”

William Hill additionally issued their own declaration recognizing 888 and Rank’s stance.

Gareth Davis, the head of William Hill, revealed that the group seeking to acquire the firm has retracted their offer. Davis affirmed his belief in William Hill’s autonomous path forward, stating the business will maintain its course for shareholder returns. He emphasized their robust results in the latter half of the year, prompting the board to anticipate operating earnings at the upper limit of their prior projection of £260 million to £280 million for 2016.