William Hill: Caesars Palace-owner In Advanced Talks Over ₤ 2.9 Bn Offer
William Hill: Caesars Palace-owner in 'innovative' talks over ₤ 2.9 bn bet9ja's welcome offer
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Caesars Entertainment, the Las Vegas casino-owner, says it is in sophisticated takeover talks with William Hill over a possible ₤ 2.9 bn quote for the bookie.
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The US firm said William Hill's board had suggested it is minded to suggest its money bet9ja's welcome offer of 272p a share.
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William Hill has likewise received a takeover technique from US personal equity firm Apollo.
But Caesars said if William Hill chose Apollo, it would jeopardise a joint endeavor between the companies.
Caesars president Tom Reeg said: "The opportunity to integrate our land based-casinos, sports betting and online gaming in the US is a truly amazing prospect.
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"William Hill's sports betting know-how will match Caesars' existing offering, making it possible for the combined group to much better serve our consumers in the yohaig code fast growing US and online market."
On Friday, William Hill validated that it had gotten 2 takeover approaches, which sent its share price soaring by 42% to 312p.
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Caesars said its bet9ja's welcome offer was nearly 58% greater than William Hill's share price on the day before the yohaig code US business made its very first approach on 2 September.
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It added it was also above the wagering business's share cost on Thursday last week, before its disclosure of the two approaches triggered its share price to rise.
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But David Cumming, primary investment officer for equities at Aviva Investors, said deals for William Hill might outstrip the 312p level its shares ended at on Friday.
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He informed the yohaig code BBC's Today programme: "the yohaig code view is - and we do hold some William Hill so it [has] some interest here - the yohaig code 40% increase on Friday, given comparative valuations in the US, it is possible that the quote can be found 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 companies in the last running to purchase UK supermarket Asda - is yet to publish details of its possible deal for William Hill.
However, Mr Cumming said he thought Caesars was the most likely victor "since it already owns 20% of William Hill's US service therefore it ought to have some synergies".
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