US casino owner bids £2.9bn for William Hill
PUBLISHED: 12:53 28 September 2020 | UPDATED: 14:38 28 September 2020
High street bookies William Hill looks set to be bought up by the owners of Caesars Palace in Las Vegas.
US casino giant Caesars has tabled a £2.9bn bid to buy the UK betting chain, which is a familiar name across high streets including in Ipswich, Bury St Edmunds, Leiston, Harwich and Thetford.
Last week, William Hill said it had received takeover approaches from Caesars and private equity giant Apollo.
Caesars - which is in advanced talks with William Hill – said the betting chain’s board of directors has indicated the offer is at a level that “they would be minded to recommend to shareholders”.
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Shares in William Hill surged after Caesars said the offer would be 272p for each William Hill share.
Caesars said it has completed due diligence and would expect any deal to be completed in the second half of 2021.
Caesars already owns a 20% stake in William Hill’s US operations, which also have exclusive rights to operate sports betting under the Caesars brand.
Caesars chief executive Tom Reeg said: “The opportunity to combine our land-based casinos, sports betting and online gaming in the US is a truly exciting prospect.
“William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to better serve our customers in the fast growing US sports betting and online market.
“We look forward to working with William Hill to support future growth in the US by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment.”
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