October 20, 2020

William Hill Said to Get Takeover Proposals From Apollo, Caesars

U.K. gambling group William Hill WIMHY has received takeover approaches from New York private-equity group Apollo Global  (APO) – Get Report and from Caesars,  (CZR) – Get Report a media report says.

Apollo approached William Hill to discuss a deal for the $3 billion market-capitalization company, and discussions are still at an early stage, sources told Bloomberg. 

Caesars has also approached William Hill about a takeover, according to Bloomberg, and both parties have made separate cash proposals for the company. 

Five weeks ago Jefferies analyst James Wheatcroft, in a note reported by Barron’s, wrote that William Hill shares were inexpensive because investors weren’t taking account of the U.K. company’s U.S. sports-betting franchise.

At last check William Hill American depositary receipts were 35% higher at $15.29.

Apollo already has a history in gambling investments following a leveraged buyout of Harrah’s Entertainment in 2008. Harrah’s was subsequently renamed Caesars Entertainment. 

Last year, Apollo acquired a stake in Italy’s Gamenet Group SpA. 

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