William Hill: Caesars Palace-owner In Innovative Talks Over ₤ 2.9 Bn Offer
William Hill: Caesars Palace-owner in 'advanced' talks over ₤ 2.9 bn bet9ja's welcome offer
Caesars Entertainment, the Las Vegas casino-owner, states it is in innovative takeover talks with William Hill over a possible ₤ 2.9 bn quote for the bookie.
The US company stated William Hill's board had suggested 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 method from US personal equity firm Apollo.
But Caesars said if William Hill selected Apollo, it would jeopardise a joint venture between the business.
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Caesars chief executive Tom Reeg said: "The chance to combine our land based-casinos, sports wagering and online gaming in the US is a truly amazing possibility.
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" sports betting expertise will match Caesars' existing offering, allowing the combined group to better serve our consumers in the fast growing US sports wagering and online market."
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On Friday, William Hill verified that it had actually received 2 takeover approaches, which sent its share price skyrocketing by 42% to 312p.
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Caesars stated its deal was nearly 58% higher than William Hill's share rate on the day before the US business made its first approach on 2 September.
It added it was likewise above the wagering business's share price on Thursday recently, before its disclosure of the 2 techniques triggered its share rate to surge.
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But David Cumming, primary financial investment officer for equities at Aviva Investors, said deals for William Hill could outstrip the 312p level its shares ended at on Friday.
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He told the BBC's Today program: "The view is - and we do hold some William Hill so it [has] some interest here - the 40% rise on Friday, offered comparative assessments in the US, it is possible that the quote comes in at a higher level than the closing price we saw then so there still may be some benefit."
Apollo - which is likewise one of two firms in the last going to purchase UK grocery store Asda - is yet to publish details of its possible deal for William Hill.
However, Mr Cumming said he believed Caesars was the most likely victor "due to the fact that it already owns 20% of William Hill's US company therefore it should have some synergies".