William Hill bid rejected

THE group of 30 creditor banks behind Brent Walker have turned down a pounds 350m bid for the William Hill betting shop chain, sources close to the group said yesterday. The bid by a group of City investors led by Electra, the venture capital company, and Mercury Asset Management was described as 'opportunistic, far too low' by the Brent Walker camp.

Although the banks are thought to be keen to sell William Hill, the price offered last week was well below the pounds 685m paid by Brent Walker to Grand Metropolitan for the betting group.