William Hill has said it is in “advanced discussions” with casino giant Caesars Entertainment over a tie-up that would value the UK bookmaker at £2.9bn.
The potential cash offer would give US-based Caesars ownership of the FTSE-listed gambling company as it seeks to advance its place in the lucrative American sports betting market.
The announcement follows a statement from William Hill on Friday that revealed the bookmaker had also received two approaches from the private equity firm Apollo Global Management.
Caesars said that should Apollo be successful in its bid, it would cut its joint venture with William Hill in the US, which allows the bookmaker first rights to offer sports betting in Caesars’ 54 casinos in return for a 20 per cent stake in William Hill’s US arm.
The deal was originally struck between William Hill and El Dorado, which merged with Caesars following a $17.3bn takeover in July.
Caesars’ mooted offer of 272 pence per William Hill share represents a premium of 81 per cent to William Hill’s volume weighted average price in the three months to September 24. However, it was below the 312p where the stock closed on Friday.
William Hill shares fell 12 per cent in early trading in London.
The combination of William Hill’s US assets with Caesars could generate between $600m and $700m in revenue by 2021, Caesars said.
It added that should the deal be successful, it would “seek suitable partners or owners” for William Hill’s businesses outside the US, including the original UK company.
https://news.google.com/__i/rss/rd/articles/CBMiP2h0dHBzOi8vd3d3LmZ0LmNvbS9jb250ZW50LzdkNDA0NzZlLWNmNjktNDVjNC04NWRhLTc1NWRiMmEzOWIyZdIBP2h0dHBzOi8vYW1wLmZ0LmNvbS9jb250ZW50LzdkNDA0NzZlLWNmNjktNDVjNC04NWRhLTc1NWRiMmEzOWIyZQ?oc=5
2020-09-28 07:09:00Z
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