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 control of UK betting firm William Hill.

The boards of the US company and William Hill concurred a cash deal of 272p a share subject to investors enacting favour.

US personal equity firm Apollo had actually likewise tried to take over William Hill.

But Caesars stated that if the UK business chose Apollo, it would jeopardise a joint venture between them.

Caesars owns a 20% stake in William Hill's US operations, which likewise have special code yohaig rights to operate sports wagering under the Caesars brand name.

The US firm, which owns Caesar's Palace in Las Vegas, is particularly interested in William Hill's US bookmaking business which presently has 170 retail websites in 13 different states.

In August William Hill said it would not be reopening 119 of its UK High Street betting stores after the coronavirus shutdown, stating it did not anticipate customers to return in the numbers seen before the yohaig code pandemic.

William Hill stated its directors would "unanimously and unconditionally" recommend that shareholders accept the yohaig code deal.

The Caesars Palace owner means to find other owners for William Hill's non-US companies, including its more than 1,400 UK wagering stores.

It said it would integrate the US company into Caesars with very little job cuts.

The arrangement comes right after William Hill stated it was inclined to suggest Caesars' offer.

Roger Devlin, chairman of William Hill, said: "The William Hill board believes this promotion code is the yohaig code finest choice for William Hill at an attractive cost for investors."

Caesars chief executive Tom Reeg said: "the yohaig code opportunity to integrate our land based-casinos, sports betting and online gaming in the US is a genuinely interesting possibility."

Caesars Palace-owner tables ₤ 2.9 bn William Hill bid

28 September 2020