William Hill agrees ₤ 2.9 bn takeover by Caesars Palace owner
Caesars Entertainment, the Las Vegas casino-owner, has actually struck a ₤ 2.9 bn deal to take control of UK betting firm William Hill.
the yohaig code boards of the US firm and William Hill agreed a money offer of 272p a share subject to shareholders voting in favour.
US private equity company Apollo had likewise made a bid to take over William Hill.
But Caesars stated 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 likewise have exclusive rights to operate sports wagering under the Caesars brand.
The US firm, which owns Caesar's Palace in Las Vegas, is especially interested in William Hill's US bookmaking business which currently has 170 retail websites in 13 different states.
In August William Hill stated it would not be reopening 119 of its UK High Street wagering shops after the coronavirus shutdown, saying it did not expect customers to return in the numbers seen before the pandemic.
William Hill stated its directors would "unanimously and unconditionally" advise that investors accept the bet9ja's welcome offer.
The Caesars Palace owner plans to discover other owners for William Hill's non-US businesses, including its more than 1,400 UK wagering stores.
It said it would integrate the US organization into Caesars with very little job cuts.
The contract comes soon 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 best option for William Hill at an attractive rate for investors."
Caesars president Tom Reeg stated: "The opportunity to integrate our land based-casinos, sports betting and online gaming in the yohaig code US is a truly interesting possibility."
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