LONDON, Aug 15 (Reuters) - British bookmaker William Hill said on Monday it had rejected a revised takeoverproposal from rivals 888 Holdings and Rank Group, saying it continues to undervalue the group.
The revised proposal comprises 199 pence in cash and 0.860BidCo shares per William Hill share, and would result in WilliamHill shareholders owning 48.8 percent of the combined group.
William Hill said that with the exception of William Hillshareholders' proposed ownership of the combined group, none ofthe other key terms of the revised proposal have changed fromthe consortium's original 3.16 billion pounds ($4.08billion)proposal last week.
"The Board of William Hill has unanimously rejected therevised proposal as it continues to substantially undervalueWilliam Hill and as such the board continues to see no merit inengaging with the consortium," it said.($1 = 0.7738 pounds) (Reporting by James Davey; editing by Kate Holton)