Sep 28, 2020

William Hill: Caesars Palace-owner in 'advanced' talks over £2.9bn offer

Caesars Entertainment, the Las Vegas casino-owner, says it is in advanced takeover talks with William Hill over a possible £2.9bn bid for the bookmaker. Caesars said if William Hill chose Apollo, it would jeopardise a joint venture between the companies. Caesars owns a 20% stake in William Hill's US operations, which also have exclusive rights to operate sports betting under the Caesars brand. On Friday, William Hill confirmed that it had received two takeover approaches, which sent its share price soaring by 42% to 312p. Caesars said its offer was nearly 58% higher than William Hill's share price on the day before the US company made its first approach on 2 September. Apollo - which is also one of two firms in the final running to buy UK supermarket Asda - is yet to publish details of its possible offer for William Hill.

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