William Hill Agrees ₤ 2.9 Bn Takeover
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William Hill concurs ₤ 2.9 bn takeover by Caesars Palace owner
Caesars Entertainment, the Las Vegas casino-owner, has struck a ₤ 2.9 bn bet9ja's welcome offer to take over UK betting company William Hill.
The boards of the US firm and William Hill agreed a cash deal of 272p a share topic to shareholders voting in favour.
US private equity company Apollo had actually also tried to take control of William Hill.
But Caesars stated that if the UK business selected Apollo, it would jeopardise a joint venture in between them.
Caesars owns a 20% stake in William Hill's US operations, which likewise have exclusive rights to run sports wagering under the brand name.
The US company, which owns Caesar's Palace in Las Vegas, is particularly thinking about William Hill's US bookmaking service which presently has 170 retail websites in 13 various states.
In August William Hill said it would not be resuming 119 of its UK High Street betting shops after the coronavirus shutdown, saying it did not anticipate clients to return in the numbers seen before the pandemic.
William Hill stated its directors would "all and unconditionally" recommend that investors accept the deal.
The Caesars Palace owner means to find other owners for William Hill's non-US services, including its more than 1,400 UK wagering shops.
It said it would integrate the US service into Caesars with very little task cuts.
The agreement comes quickly after William Hill said it was inclined to advise Caesars' deal.
Roger Devlin, chairman of William Hill, stated: "The William Hill board believes this promotion code is the finest choice for William Hill at an appealing cost for investors."
Caesars chief executive Tom Reeg stated: "The opportunity to combine our land based-casinos, sports wagering and online video gaming in the US is a genuinely interesting prospect."
Caesars Palace-owner tables ₤ 2.9 bn William Hill quote
28 September 2020
Takeover battle looms for bookmaker William Hill
25 September 2020
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