Caesars approached UK bookie William Hill for a potential takeover. As a result, shares of the UK gambling company increased by more than 40 percent on Friday. The company received several proposals from equity firm Apollo Management International and Caesars Entertainment.
Apollo Management International is also in the running to purchase Asda. In a disclosure to the stock exchange, William Hill said that it got a written proposal from Apollo on August 27, 2020. Also, Apollo followed it up with further proposals. It received bids from Caesars as well.
At present, William Hill is still discussing with different parties for a potential takeover. However, there’s no certainty that William Hill would accept the terms, or a deal will be made. Caesars already has several contracts with William Hill.
According to SportsBettingSolutionAsia.com, Caesars operates the Caesars Palace hotel in Las Vegas. It is famous for holding boxing matches that include The Super Fight between Sugar Ray Leonard and Marvin Hagler. Also, it was the venue for performances of famous artists, such as Elton John, July Garland, and Frank Sinatra.
On the other hand, Apollo claims to have more than $400 billion of assets under its management. It is a US buyout company that previously owned Caesars Palace. It bought the hotel in 2006 from then-owner Harrah’s Entertainment, according to bookie software reports. Its other investments include Ladbrokes Coral, security company ADT, and media company Endemol Shine.
In recent years, the UK gambling market has become more challenging. As a result, William Hill ventured into new markets, including the United States. After the repeal of PASPA, many individuals wanted to become a football bookie in the US.
Also, many UK gambling companies are trying to get their share of the US market. Leading the pack is William Hill. That’s why companies want to acquire the UK sports betting firm.