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William Hill approached by Apollo, Caesars on possible takeover

Published 09/25/2020, 08:32 AM
Updated 09/25/2020, 08:35 AM
© Reuters. eA pedestrian walks past a William Hill betting shop in London

© Reuters. eA pedestrian walks past a William Hill betting shop in London

(Reuters) - British betting firm William Hill (L:WMH) said on Friday it had received separate cash proposals from buyout firm Apollo (N:APO) and U.S. casino operator Caesars Entertainment (O:CZR) about a possible takeover, giving no indications of the offer values but sending shares in the company soaring 34%. "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.

© Reuters. eA pedestrian walks past a William Hill betting shop in London

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

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