William Hill Agrees ₤ 2.9 Bn Takeover

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William Hill agrees ₤ 2.9 bn takeover by Caesars Palace owner
bit.ly

Entertainment, the Las Vegas casino-owner, has struck a ₤ 2.9 bn deal to take over UK betting firm William Hill.
bet9ja.com

the yohaig code boards of the US firm and William Hill agreed a cash deal of 272p a share subject to investors enacting favour.


US personal equity firm Apollo had also tried to take over William Hill.


But Caesars said that if the UK company picked Apollo, it would jeopardise a joint venture between them.


Caesars owns a 20% stake in William Hill's US operations, which also have special code yohaig rights to operate sports betting under the Caesars brand name.


The US company, which owns Caesar's Palace in Las Vegas, is especially interested in William Hill's US bookmaking organization which currently has 170 retail sites in 13 different states.


In August William Hill said it would not be resuming 119 of its UK High Street wagering shops after the coronavirus shutdown, saying it did not expect clients to return in the numbers seen before the pandemic.
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William Hill said its directors would "all and unconditionally" advise that investors accept the bet9ja's welcome offer.
bit.ly

The Caesars Palace owner intends to find other owners for William Hill's non-US services, including its more than 1,400 UK betting stores.
bit.ly

It said it would integrate the US service into Caesars with very little job cuts.


The agreement comes right after William Hill said it was inclined to recommend Caesars' bet9ja's welcome offer.


Roger Devlin, chairman of William Hill, said: "The William Hill board believes this promotion code is the very best choice for William Hill at an appealing cost for shareholders."


Caesars president Tom Reeg stated: "The chance to combine our land based-casinos, sports wagering and online video gaming in the US is a truly exciting prospect."


Caesars Palace-owner tables ₤ 2.9 bn William Hill bid


28 September 2020
bet9ja.com

Takeover fight looms for bookie William Hill


25 September 2020

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