William Hill: Caesars Palace-owner In Advanced Talks Over ₤ 2.9 Bn Offer
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William Hill: Caesars Palace-owner in 'innovative' talks over ₤ 2.9 bn bet9ja's welcome offer
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Entertainment, the Las Vegas casino-owner, states it is in innovative takeover talks with William Hill over a possible ₤ 2.9 bn bid for the bookie.
The US firm said William Hill's board had indicated it is minded to advise its money bet9ja's welcome offer of 272p a share.
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William Hill has also gotten a takeover approach from US personal equity company Apollo.
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But Caesars stated if William Hill picked Apollo, it would jeopardise a joint venture between the companies.
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Caesars primary executive Tom Reeg stated: "The chance to integrate our land based-casinos, sports wagering and online gaming in the US is a truly exciting possibility.
"William Hill's sports wagering expertise will complement Caesars' present offering, enabling the combined group to better serve our customers in the quick growing US sports wagering and online market."
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On Friday, William Hill confirmed that it had received 2 takeover approaches, which sent its share cost soaring by 42% to 312p.
Caesars stated its deal was nearly 58% greater than William Hill's share price on the day before the US company made its first method on 2 September.
It included it was also above the wagering business's share price on Thursday recently, before its disclosure of the two approaches triggered its share rate to rise.
But David Cumming, chief financial investment officer for equities at Aviva Investors, stated offers for William Hill might outstrip the 312p level its shares ended at on Friday.
He informed the BBC's Today program: "The view is - and we do hold some William Hill so it [has] some interest here - the 40% increase on Friday, given relative valuations in the US, it is possible that the bid is available in at a greater level than the closing rate we saw then so there still might be some benefit."
Apollo - which is also one of two firms in the last running to purchase UK supermarket Asda - is yet to publish information of its possible deal for William Hill.
However, Mr Cumming said he thought Caesars was the most likely victor "because it already owns 20% of William Hill's US service and so it need to have some synergies".
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