William Hill agrees ₤ 2.9 bn takeover by Caesars Palace owner
Caesars Entertainment, the Las Vegas casino-owner, has struck a ₤ 2.9 bn bet9ja's welcome offer to take control of UK wagering company William Hill.
The boards of the US company and William Hill concurred a money deal of 272p a share subject to investors voting in favour.
US private equity firm Apollo had actually also tried to take control of William Hill.
But Caesars stated that if the UK company picked Apollo, it would jeopardise a joint endeavor between them.
Caesars owns a 20% stake in William Hill's US operations, which also have exclusive rights to operate sports betting under the yohaig code Caesars brand name.
The US company, which owns Caesar's Palace in Las Vegas, is particularly thinking about William Hill's US bookmaking business 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 consumers to return in the numbers seen before the pandemic.
William Hill said its directors would "all and unconditionally" recommend that shareholders accept the deal.
the yohaig code Caesars Palace owner intends to find other owners for William Hill's non-US companies, including its more than 1,400 UK betting stores.
It said it would incorporate the US organization into Caesars with minimal task cuts.
The agreement comes soon after William Hill said it was inclined to advise Caesars' deal.
Roger Devlin, chairman of William Hill, said: "the yohaig code William Hill board believes this promotion code is the yohaig code finest choice for William Hill at an appealing cost for investors."
Caesars primary executive Tom Reeg said: "The opportunity to integrate our land based-casinos, sports betting and online video gaming in the US is a truly amazing possibility."
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