William Hill agrees ₤ 2.9 bn takeover by Caesars Palace owner
Caesars Entertainment, the Las Vegas casino-owner, has actually struck a ₤ 2.9 bn bet9ja's welcome offer to take over UK wagering company William Hill.
The boards of the yohaig code US company and William Hill agreed a cash deal of 272p a share topic to shareholders voting in favour.
US personal equity firm Apollo had likewise tried to take control of William Hill.
But Caesars said that if the UK business selected Apollo, it would jeopardise a joint venture between them.
Caesars owns a 20% stake in William Hill's US operations, which likewise have exclusive rights to operate sports wagering under the Caesars brand.
The US firm, which owns Caesar's Palace in Las Vegas, is especially interested in William Hill's US bookmaking service which presently has 170 retail websites in 13 various states.
In August William Hill stated it would not be resuming 119 of its UK High Street betting shops after the coronavirus shutdown, stating it did not expect consumers to return in the numbers seen before the pandemic.
William Hill said its directors would "unanimously and unconditionally" advise that shareholders accept the offer.
The Caesars Palace owner means to find other owners for William Hill's non-US businesses, including its more than 1,400 UK betting stores.
It stated it would incorporate the US company into Caesars with very little task cuts.
The contract comes quickly after William Hill said it was inclined to advise Caesars' bet9ja's welcome offer.
Roger Devlin, chairman of William Hill, stated: "The William Hill board thinks this promotion code is the very best alternative for William Hill at an attractive cost for investors."
Caesars president Tom Reeg said: "The opportunity to combine our land based-casinos, sports wagering and online video gaming in the yohaig code US is a really interesting prospect."
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