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 bet9ja's welcome offer to take control of UK betting company William Hill.
The boards of the US company and William Hill concurred a money deal of 272p a share subject to shareholders voting in favour.
US personal equity company Apollo had also tried to take over William Hill.
But Caesars stated that if the UK company selected 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 wagering under the Caesars brand name.
The US firm, which owns Caesar's Palace in Las Vegas, is particularly interested in William Hill's US bookmaking business which currently has 170 retail sites in 13 various states.
In August William Hill stated it would not be resuming 119 of its UK High Street betting stores after the coronavirus shutdown, stating it did not anticipate consumers to return in the numbers seen before the pandemic.
William Hill stated its directors would "all and unconditionally" suggest that shareholders accept the deal.
The Caesars Palace owner means to find other owners for William Hill's non-US businesses, including its more than 1,400 UK wagering shops.
It stated it would incorporate the US company into Caesars with very little task cuts.
The agreement comes right after William Hill stated it was inclined to advise Caesars' deal.
Roger Devlin, chairman of William Hill, stated: "The William Hill board believes this promotion code is the very best choice for William Hill at an attractive rate for shareholders."
Caesars chief executive Tom Reeg stated: "The opportunity to integrate our land based-casinos, sports betting and online gaming in the US is a truly amazing possibility."
Caesars Palace-owner tables ₤ 2.9 bn William Hill quote
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