William Hill concurs ₤ 2.9 bn takeover by Caesars Palace owner

Caesars Entertainment, the Las Vegas casino-owner, has struck a ₤ 2.9 bn deal to take over UK wagering company William Hill.

The boards of the US company and William Hill concurred a money offer of 272p a share subject to shareholders voting in favour.

US personal equity firm Apollo had actually also made a quote to take control of William Hill.

But Caesars said that if the UK company selected Apollo, it would jeopardise a joint endeavor in between them.

Caesars owns a 20% stake in William Hill's US operations, which also have unique rights to run sports betting under the Caesars brand.

The US company, which owns Caesar's Palace in Las Vegas, is especially interested in William Hill's US bookmaking company which presently has 170 retail websites in 13 different states.

In August William Hill said it would not be resuming 119 of its UK High Street betting stores after the coronavirus shutdown, stating it did not expect consumers to return in the numbers seen before the pandemic.

William Hill stated its directors would "unanimously and unconditionally" advise that shareholders accept the deal.

The Caesars Palace owner plans to discover other owners for William Hill's non-US services, including its more than 1,400 UK wagering shops.

It said it would incorporate the yohaig code US company into Caesars with minimal task cuts.

The agreement comes right after William Hill stated it was inclined to recommend Caesars' bet9ja's welcome offer.

Roger Devlin, chairman of William Hill, stated: "The William Hill board believes this promotion code is the yohaig code best option for William Hill at an appealing cost for shareholders."

Caesars primary executive Tom Reeg said: "The opportunity to combine our land based-casinos, sports wagering and online gaming in the US is a really exciting prospect."

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