Caesars in takeover talks with William Hill
By Simon Wright Sep 28, 2020
British high street betting giant William Hill are currently the subject of a possible takeover bid, with the US group Caesars Entertainment Inc confirming that they have launched a possible takeover approach for the bookmaker, valuing William Hill plc at £2.9bn.
Caesars Entertainment and William Hill are already working together in the US and the cash proposal put forward by Caesars Entertainment values William Hill shares at 272p per share. An offer price that Caesars have said that the William Hill board have indicated “is at a price level that they would be minded to recommend.”
In a statement, Caesars Chief Executive Officer Tom Reeg, stated: “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.”
Upon news of the possible takeover approach emerging on Friday, shares in William Hill plc jumped to the extent that individual shares were worth 312p per share, valuing the company at an eye watering £3.3bn.
However, upon news confirming Caesars’s possible takeover at 272p per share being disclosed this Monday morning, the value of the company initially fell some 13%. Still up 25% on Thursday’s closing price.