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 actually struck a ₤ 2.9 bn deal to take control of UK betting firm William Hill.
The boards of the US firm and William Hill concurred a cash offer of 272p a share subject to shareholders enacting favour.
US private equity company Apollo had likewise made a bid to take over William Hill.
But Caesars stated that if the UK company chose Apollo, it would jeopardise a joint venture in between them.
Caesars owns a 20% stake in William Hill's US operations, which also have exclusive rights to operate sports betting under the Caesars brand.
The US firm, which owns Caesar's Palace in Las Vegas, is especially interested in William Hill's US bookmaking organization which presently has 170 retail sites in 13 various states.
In August William Hill said it would not be reopening 119 of its UK High Street betting stores after the coronavirus shutdown, saying it did not expect consumers to return in the numbers seen before the pandemic.
William Hill said its directors would "all and unconditionally" recommend that investors accept the deal.
The Caesars Palace owner intends to discover other owners for William Hill's non-US organizations, including its more than 1,400 UK betting shops.
It said it would incorporate the US organization into Caesars with very little job cuts.
The agreement comes right after William Hill said it was inclined to recommend Caesars' deal.
Roger Devlin, chairman of William Hill, stated: "The William Hill board believes this is the very best option for William Hill at an appealing cost for shareholders."
Caesars president Tom Reeg stated: "The opportunity to combine our land based-casinos, sports wagering and online gaming in the US is a truly interesting prospect.
William Hill concurs ₤ 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 betting firm William Hill.
The boards of the US firm and William Hill concurred a cash offer of 272p a share subject to shareholders enacting favour.
US private equity company Apollo had likewise made a bid to take over William Hill.
But Caesars stated that if the UK company chose Apollo, it would jeopardise a joint venture in between them.
Caesars owns a 20% stake in William Hill's US operations, which also have exclusive rights to operate sports betting under the Caesars brand.
The US firm, which owns Caesar's Palace in Las Vegas, is especially interested in William Hill's US bookmaking organization which presently has 170 retail sites in 13 various states.
In August William Hill said it would not be reopening 119 of its UK High Street betting stores after the coronavirus shutdown, saying it did not expect consumers to return in the numbers seen before the pandemic.
William Hill said its directors would "all and unconditionally" recommend that investors accept the deal.
The Caesars Palace owner intends to discover other owners for William Hill's non-US organizations, including its more than 1,400 UK betting shops.
It said it would incorporate the US organization into Caesars with very little job cuts.
The agreement comes right after William Hill said it was inclined to recommend Caesars' deal.
Roger Devlin, chairman of William Hill, stated: "The William Hill board believes this is the very best option for William Hill at an appealing cost for shareholders."
Caesars president Tom Reeg stated: "The opportunity to combine our land based-casinos, sports wagering and online gaming in the US is a truly interesting prospect.