William Hill has issued a statement clarifying media speculation, as city rumours intensify that the FTSE betting group is subject to US takeover.
The board of William Hill has confirmed that it has received ‘separate cash proposals’ from US private equity fund Apollo Global Management and its current US wagering strategic partner Caesars Entertainment.
William Hill issued its statement, as its FTSE share price jumped 19% this morning to a year high of 305 GBX off the back of a reported bid by Apollo Global.
September trading has seen high activity on William Hill’s share price, as speculation has grown of a potential acquisition by Caesars Entertainment, with its US partner recapitalised following its $17 billion merger with Eldorado Resorts (deal completed July 2020).
William Hill states that discussions between respective parties are ongoing, in which ‘there can be no certainty that any offer or deal terms will be made’.
Under London City Code rules, Apollo Global and Caesars are required to present their firm proposals to William Hill investors no later than 23 October 2020 (being 28 days after today’s date).
William Hill maintains its long-term strategic objectives, in which the company has outlied US growth as key directive.
June William Hill completed a £225 million private bookbuild in less than 24 hours, with the transaction personally backed by Chairman Roger Devlin and Group CEO Ulrik Bengtsson as a statement of intent to support the firm’s long-term growth strategy.
Source: SBC News
