$2.9bn takeover by Caesars Palace-owner
- Business of Sport

$2.9bn takeover by Caesars Palace-owner

Man stands outside William Hill shop Image copyright Getty Images

Caesars Entertainment, the Las Vegas casino-owner, has struck a £2.9bn deal to take over UK betting firm William Hill.

The boards of the US firm and William Hill agreed a cash offer of 272p a share subject to shareholders voting in favour.

US private equity firm Apollo had also made a bid to take over William Hill.

But Caesars said that if the UK company chose Apollo, it would jeopardise a joint venture between them.

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

Image copyright Getty Images

Roger Devlin, chairman of William Hill, said: “The William Hill board believes this is the best option for William Hill at an attractive price for shareholders.”

Caesars chief executive Tom Reeg said: “The opportunity to combine our land based-casinos, sports betting and online gaming in the US is a truly exciting prospect.”

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