William Hill have agreed a £2.9 billion takeover by Caesars Entertainment, although the American casino giant looks set to sell off the bookmaker's businesses outside the US.
Hills had said on Monday they were "minded" to accept the offer from the owner of Caesars Palace in Las Vegas, which already holds a 20 per cent stake in William Hill's operation in the US.
They revealed last week that they had received takeover proposals from both Caesars and private equity giant Apollo, but Caesars appeared to have shut out the rival bid when it announced it would terminate aspects of the joint venture with Hills in the US should Apollo's bid prevail.
William Hill chairman Roger Devlin said the company's board believed the Caesars bid, which is subject to shareholders' approval, was the best option, "at an attractive price for shareholders".
He added: "It recognises the significant progress the William Hill group has made over the last 18 months, as well as the risk and significant investment required to maximise the US opportunity given intense competition in the US and the potential for regulatory disruption in the UK and Europe.
"Under the revitalised senior leadership team, William Hill has been delivering on its strategy and potential. William Hill is one of the world's leading betting and gambling companies, with a long and proud heritage.
"It is one of the most recognized brands globally. Over recent years, it has transformed from a business once heavily reliant on UK retail into a company that is truly diversified by geography and channel, providing a stable standalone platform for future growth."
Caesars said its strategic focus was on the "opportunities immediately evident in the US market" and that it was their intention to find "suitable partners or new owners for the non-US businesses of William Hill", a move it would implement "in the short term following completion of the acquisition".
William Hill, which were founded in 1934, operate around 1,400 betting shops in the UK and employ around 7,500 people.
Devlin added: "For now, it is very much business as usual. Employees will be kept fully informed through this process. In terms of our UK and international businesses, we believe they have a strong future ahead and we will work with Caesars to find suitable partners to further the long-term growth prospects of these businesses."
William Hill's share price was down slightly at 274p on Wednesday morning.
This story is being updated and more news will follow shortly. You can also follow the Racing Post on Twitter (@RacingPost) to get the latest alerts
https://news.google.com/__i/rss/rd/articles/CBMidGh0dHBzOi8vd3d3LnJhY2luZ3Bvc3QuY29tL25ld3Mvd2lsbGlhbS1oaWxsLWdpdmUtZ3JlZW4tbGlnaHQtdG8tMjktYmlsbGlvbi10YWtlb3Zlci1ieS1jYWVzYXJzLWVudGVydGFpbm1lbnQvNDUyNTgy0gF4aHR0cHM6Ly93d3cucmFjaW5ncG9zdC5jb20vbmV3cy93aWxsaWFtLWhpbGwtZ2l2ZS1ncmVlbi1saWdodC10by0yOS1iaWxsaW9uLXRha2VvdmVyLWJ5LWNhZXNhcnMtZW50ZXJ0YWlubWVudC80NTI1ODIvYW1w?oc=5
2020-09-30 08:56:19Z
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