Just over two weeks after approaching bookmaking giant William Hill PLC (LON:WMH) about a potential takeover, the consortium may have pulled the trigger.
The Financial Times has reported that the consortium formed by casinos and bingo halls operator Rank Group PLC (LON:RNK) and online gaming veteran 888 Holdings Public Limited Company (LON:888) has formally offered 364p a share, citing unnamed people who have been briefed on the plans.
The terms value the bookie at around £3.2bn, but the consortium has identified synergies that could see the valuation rise to £3.6bn, or 408p per share.
William Hill shares currently trade at around 339p, valuing the company at £2.95bn.
The bookie will not need much persuading of the benefits of an amalgamation with 888, having unsuccessfully bid £700mln for 888 over a year ago.