William Hill approached by Apollo, Caesars on possible takeover

William Hill approached by Apollo, Caesars on possible takeover

British betting firm William Hill said on Friday it had received separate cash proposals from buyout firm Apollo and U.S. casino operator Caesars Entertainment about a possible takeover, giving no indications of the offer values but sending shares in the company soaring 34per cent. "Following an initial written proposal from Apollo on 27 August 2020, William Hill received a further proposal from Apollo and proposals from Caesars," the company said, adding that the talks were ongoing.

eA pedestrian walks past a William Hill betting shop in London
FILE PHOTO: A pedestrian walks past a William Hill betting shop in London, Britain July 25, 2016. REUTERS/Neil Hall

REUTERS: British betting firm William Hill said on Friday it had received separate cash proposals from buyout firm Apollo and U.S. casino operator Caesars Entertainment about a possible takeover, giving no indications of the offer values but sending shares in the company soaring 34per cent. "Following an initial written proposal from Apollo on 27 August 2020, William Hill received a further proposal from Apollo and proposals from Caesars," the company said, adding that the talks were ongoing.

Apollo and Caesars have until Oct. 23 to either announce a firm intention to make an offer for William Hill or walk away.

Bloomberg had earlier reported that Apollo had approached the company regarding a potential deal.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Anil D'Silva)

Source: Reuters

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