Sep 25, 2020

William Hill: Takeover battle looms for UK bookmaker

A bid battle is looming for UK betting giant William Hill after it received two rival takeover approaches. News of the takeover interest sent shares in the bookmaker soaring by nearly a third to 289.8p. William Hill said Apollo and Caesars were required "To announce a firm intention" to make an offer by 17:00 on 23 October under UK takeover rules. Under the recent lockdowns betting has continued to shift online and away from the High Street, and last month William Hill said that 119 of its betting shops would not re-open. Despite William Hill's problems in the UK, "An approach for Hills is entirely understandable", said Russ Mould, an investment director at AJ Bell, as it "Has an excellent strategic position in the US market". William Hill already has 170 retail sites in 13 different states, Mr Mould pointed out.

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