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 over UK wagering company William Hill.
The boards of the US company and William Hill concurred a money offer of 272p a share topic to shareholders voting in favour.
US personal equity firm Apollo had also made a quote to take control of William Hill.
But Caesars stated that if the UK company 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 unique rights to run sports wagering under the Caesars brand.
The US firm, which owns Caesar's Palace in Las Vegas, is especially interested in William Hill's US bookmaking service which currently has 170 retail sites in 13 various states.
In August William Hill stated it would not be resuming 119 of its UK High Street wagering shops after the coronavirus shutdown, stating it did not anticipate customers to return in the numbers seen before the pandemic.
William Hill stated its directors would "unanimously and unconditionally" recommend that shareholders accept the deal.
The Caesars Palace owner intends to find other owners for William Hill's non-US companies, including its more than 1,400 UK wagering stores.
It stated it would incorporate the US business into Caesars with minimal task cuts.
The agreement comes not long after William Hill stated it was inclined to suggest Caesars' offer.
Roger Devlin, chairman of William Hill, stated: "The William Hill board thinks this is the very best option for William Hill at an attractive rate for investors."
Caesars president Tom Reeg stated: "The opportunity to combine our land based-casinos, sports betting and online video gaming in the US is a really interesting possibility.
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 over UK wagering company William Hill.
The boards of the US company and William Hill concurred a money offer of 272p a share topic to shareholders voting in favour.
US personal equity firm Apollo had also made a quote to take control of William Hill.
But Caesars stated that if the UK company 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 unique rights to run sports wagering under the Caesars brand.
The US firm, which owns Caesar's Palace in Las Vegas, is especially interested in William Hill's US bookmaking service which currently has 170 retail sites in 13 various states.
In August William Hill stated it would not be resuming 119 of its UK High Street wagering shops after the coronavirus shutdown, stating it did not anticipate customers to return in the numbers seen before the pandemic.
William Hill stated its directors would "unanimously and unconditionally" recommend that shareholders accept the deal.
The Caesars Palace owner intends to find other owners for William Hill's non-US companies, including its more than 1,400 UK wagering stores.
It stated it would incorporate the US business into Caesars with minimal task cuts.
The agreement comes not long after William Hill stated it was inclined to suggest Caesars' offer.
Roger Devlin, chairman of William Hill, stated: "The William Hill board thinks this is the very best option for William Hill at an attractive rate for investors."
Caesars president Tom Reeg stated: "The opportunity to combine our land based-casinos, sports betting and online video gaming in the US is a really interesting possibility.