William Hill Agrees ₤ 2.9 Bn Takeover
William Hill concurs ₤ 2.9 bn takeover by Caesars Palace owner
Caesars Entertainment, the Las Vegas casino-owner, has struck a ₤ 2.9 bn offer to take over UK wagering company William Hill.
The boards of the US company and William Hill agreed a cash offer of 272p a share subject to investors enacting favour.
US private equity company Apollo had also tried to take over William Hill.
But Caesars stated that if the UK business chose Apollo, it would jeopardise a joint endeavor between them.
Caesars owns a 20% stake in William Hill's US operations, which also have exclusive rights to run sports betting under the Caesars brand name.
The US company, which owns Caesar's Palace in Las Vegas, is especially interested in William Hill's US bookmaking company which currently has 170 retail sites in 13 different states.
In August William Hill stated 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 "unanimously and unconditionally" advise that shareholders accept the deal.
The Caesars Palace owner plans to find other owners for William Hill's non-US businesses, including its more than 1,400 UK betting stores.
It said it would incorporate the US company into Caesars with very little task cuts.
The arrangement comes soon after William Hill stated it was inclined to suggest Caesars' offer.
Roger Devlin, chairman of William Hill, said: "The William Hill board thinks this is the very best alternative for William Hill at an appealing price for shareholders."
Caesars president Tom Reeg stated: "The chance to combine our land based-casinos, sports wagering and online video gaming in the US is a genuinely interesting possibility.
William Hill concurs ₤ 2.9 bn takeover by Caesars Palace owner
Caesars Entertainment, the Las Vegas casino-owner, has struck a ₤ 2.9 bn offer to take over UK wagering company William Hill.
The boards of the US company and William Hill agreed a cash offer of 272p a share subject to investors enacting favour.
US private equity company Apollo had also tried to take over William Hill.
But Caesars stated that if the UK business chose Apollo, it would jeopardise a joint endeavor between them.
Caesars owns a 20% stake in William Hill's US operations, which also have exclusive rights to run sports betting under the Caesars brand name.
The US company, which owns Caesar's Palace in Las Vegas, is especially interested in William Hill's US bookmaking company which currently has 170 retail sites in 13 different states.
In August William Hill stated 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 "unanimously and unconditionally" advise that shareholders accept the deal.
The Caesars Palace owner plans to find other owners for William Hill's non-US businesses, including its more than 1,400 UK betting stores.
It said it would incorporate the US company into Caesars with very little task cuts.
The arrangement comes soon after William Hill stated it was inclined to suggest Caesars' offer.
Roger Devlin, chairman of William Hill, said: "The William Hill board thinks this is the very best alternative for William Hill at an appealing price for shareholders."
Caesars president Tom Reeg stated: "The chance to combine our land based-casinos, sports wagering and online video gaming in the US is a genuinely interesting possibility.