William Hill Agrees ₤ 2.9 Bn Takeover
William Hill agrees ₤ 2.9 bn takeover by Caesars Palace owner
Caesars Entertainment, the Las Vegas casino-owner, has actually struck a ₤ 2.9 bn deal to take control of UK wagering company William Hill.
The boards of the US firm and William Hill agreed a money deal of 272p a share subject to shareholders enacting favour.
US personal equity company Apollo had also tried to take control of William Hill.
But Caesars said 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 operate sports wagering under the Caesars brand.
The US firm, which owns Caesar's Palace in Las Vegas, is especially thinking about William Hill's US bookmaking business which presently has 170 retail websites in 13 different states.
In August William Hill stated it would not be reopening 119 of its UK High Street wagering stores after the coronavirus shutdown, stating it did not expect consumers to return in the numbers seen before the pandemic.
William Hill stated its directors would "all and unconditionally" suggest that investors accept the deal.
The Caesars Palace owner plans to discover other owners for William Hill's non-US businesses, including its more than 1,400 UK betting shops.
It said it would integrate the US business into Caesars with very little task cuts.
The arrangement comes right after William Hill said it was inclined to advise Caesars' deal.
Roger Devlin, chairman of William Hill, said: "The William Hill board thinks this is the very best option for William Hill at an attractive cost for shareholders."
Caesars president Tom Reeg said: "The chance to integrate our land based-casinos, sports wagering and online gaming in the US is a genuinely exciting possibility.
William Hill agrees ₤ 2.9 bn takeover by Caesars Palace owner
Caesars Entertainment, the Las Vegas casino-owner, has actually struck a ₤ 2.9 bn deal to take control of UK wagering company William Hill.
The boards of the US firm and William Hill agreed a money deal of 272p a share subject to shareholders enacting favour.
US personal equity company Apollo had also tried to take control of William Hill.
But Caesars said 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 operate sports wagering under the Caesars brand.
The US firm, which owns Caesar's Palace in Las Vegas, is especially thinking about William Hill's US bookmaking business which presently has 170 retail websites in 13 different states.
In August William Hill stated it would not be reopening 119 of its UK High Street wagering stores after the coronavirus shutdown, stating it did not expect consumers to return in the numbers seen before the pandemic.
William Hill stated its directors would "all and unconditionally" suggest that investors accept the deal.
The Caesars Palace owner plans to discover other owners for William Hill's non-US businesses, including its more than 1,400 UK betting shops.
It said it would integrate the US business into Caesars with very little task cuts.
The arrangement comes right after William Hill said it was inclined to advise Caesars' deal.
Roger Devlin, chairman of William Hill, said: "The William Hill board thinks this is the very best option for William Hill at an attractive cost for shareholders."
Caesars president Tom Reeg said: "The chance to integrate our land based-casinos, sports wagering and online gaming in the US is a genuinely exciting possibility.