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Caesars Threatens Termination in Bid to Acquire William Hill

Written by:
Aaron Goldstein
Published on:
Sep/29/2020

Caesars Entertainment on Monday raised the stakes in a bidding war over William Hill. It has entered into advanced negotiations concerning the potential $3.7 billion takeover.

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William Hill said it has received another offer from a private equity firm, more specifically Apollo Global Management.

Sports Handle notes that the Caesars’ offer of $3.7 billion (£2.9 billion) represents a 25% premium to William Hill’s closing price of 217.60 pence on Sept. 24, the day before the bookmaker announced the two offers.

Caesars, which already has a mobile joint venture deal with Hill in the US, warned that it would consider terminating that relationship should talks with Apollo continue. Under that scenario, William Hill risks losing a revenue source at casinos in select states.  Will Hill would also be denied access to ESPN pre-game displays and live offerings.

Caesars owns a 20% stake in the U.S. joint venture with William Hill.

“While a termination of the relationship with William Hill under new ownership makes little business sense, it does add risk for a private equity acquisition,” Stifel analyst Bridie Barrett said, according to Reuters.

It’s uncertain whether Apollo — the massive buyout firm led by billionaire Leon Black — will counter Caesars’ proposal.

- Aaron Goldstein, Gambling911.com

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