William Hill confirms 'separate cash proposals' from USA companies

Andrew Cummings
September 28, 2020

William Hill could be on the selling block.

USA private equity firm Apollo Global Management and casino group Caesars Entertainment have each offered to take over William Hill, the British gambling group valued at $US4 billion (£3.2 million). "Discussions between William Hill and the respective parties are ongoing".

Apollo, the United States personal equity group that is bidding to purchase the grocery store chain Asda, has actually sent 2 propositions because late August, William Hill stated onFriday The FTSE 250 business has actually likewise gotten a different proposition from Caesars, the declaration included, though there is no certainty that a deal will be made.

William Hill Sportsbook and Caesars already have a partnership in which they are discussing combining USA operations. Reuters reported that Apollo and Caesars have until October 23 to either announce a firm intention to make an offer or walk away. Under Chief Executive Officer Ulrik Bengtsson, who took over a year ago, the company is focused on building its online businesses.

In accordance with The City Code on Takeovers and Mergers, Friday's announcement from William Hill meant the counter was now running for the two US-based outfits to make either firm proposals within the next 28 days or walk away.

In June 2018, William Hill opened its first bricks-and-mortar sportsbook in New Jersey at historic Monmouth Park racetrack in Oceanport.

William Hill shares rose more than 40% Friday, valuing the company at over £3 billion, equivalent to $3.82 billion.

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