Thanks, but no thanks.

That was the answer that UK bookmaker William Hill had for the revised takeover bid from rivals Rank Group and 888 Holdings on Monday, saying that it still does not see any merit in engaging with the joint venture for a proposal that “substantially undervalues” the company.

Rank and 888 has been eyeing a merger with Hills to create UK’s largest multi-channel gambling operator by revenue and profit. Last week, the consortium submitted a joint £3.16 billion ($4.1 bilion) bid, but the high-street bookmaker spurned the cash-and-stock offer, which represents a 16% premium on Hills’ current share price, calling it a “highly opportunistic” bid.

Unfazed, the two suitors returned with a fresh approach over the weekend, offering Hills’ investors a larger share of the merged company, according to UK media. Rank and 888’s revised offer still has the same 199 pence per share in cash offer, but it now offers 0.86 new shares instead of the initial 0.725 shares, which means that William Hill shareholders would own 48.8 percent of the combined group, up from the 44.6 percent under the original proposal.