{"id":77167,"date":"2020-09-28T18:51:05","date_gmt":"2020-09-28T15:51:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/caesars-entertainment-eyes-3-7-billion-william-hill-takeover\/"},"modified":"2020-09-28T18:51:05","modified_gmt":"2020-09-28T15:51:05","slug":"caesars-entertainment-eyes-3-7-billion-william-hill-takeover","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/caesars-entertainment-eyes-3-7-billion-william-hill-takeover\/","title":{"rendered":"#Caesars Entertainment eyes $3.7 billion William Hill takeover"},"content":{"rendered":"

“#Caesars Entertainment eyes $3.7 billion William Hill takeover<\/strong>”
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\n Caesars Entertainment said it\u2019s looking to buy British betting house William Hill for about $3.7 billion as it moved to beat out a rival bid from private equity giant Apollo Global Management.<\/p>\n

The Nevada-based casino operator confirmed<\/a> Monday that it\u2019s in \u201cadvanced discussions\u201d with William Hill about a possible cash takeover worth roughly 2.9 billion British pounds. The announcement came just three days after William Hill revealed it had received dueling proposals from Caesars and Apollo.<\/p>\n

The deal would help Caesars build on its existing joint venture with William Hill in the US, which allows the London-based bookmaker to take bets at Caesars properties. But Caesars attached strings to that arrangement Monday, saying it would be entitled to terminate key pieces of the agreement if William Hill were acquired by Apollo.<\/p>\n

William Hill\u2019s London-listed shares fell as much as 13.6 percent to 269.70 British pence, or $3.43, as investors reportedly started to rule out the prospect of a stronger counteroffer from Apollo, given William Hill\u2019s app<\/a>arent support for the Caesars bid and the consequences of an Apollo takeover for its existing partnership with Caesars.<\/p>\n

\u201cWhile a termination of the relationship with William Hill under new ownership makes little business sense, it does add risk for a private equity acquisition,\u201d Stifel analyst Bridie Barrett said, according to Reuters.<\/a><\/p>\n

It\u2019s uncertain whether Apollo \u2014 the massive buyout firm led by billionaire Leon Black \u2014 will counter Caesars\u2019 proposal. An Apollo spokeswoman did not immedia<\/a>tely comment on the proposed deal Monday.<\/p>\n

Caesars\u2019 stock price dropped as much as about 3.2 percent to $55.25 in early trading Monday after it announced its offer and accompanying plans to sell 30 million shares. Apollo\u2019s shares rose about 2.6 percent to an early high of $45.88.<\/p>\n

William Hill has indicated it would recommend its shareholders approve the proposed acquisition, which Caesars plans to finance by selling new stock along with its existing cash and $2 billion in new debt facilities, according to the announcement.<\/p>\n

The bid came just two months after Eldorado Resorts acquired Caesars Entertainment and took on the Caesars name. The company runs more than 50 casinos and resorts in 16 US states, including the Caesars Palace and Bally\u2019s properties on the Las Vegas Strip<\/a>.<\/p>\n

\u201cThe opportunity to combine our land based-casinos, sports betting and online gaming in the US is a truly exciting prospect,\u201d Caesars CEO Tom Reeg said in a statement. \u201cWilliam Hill\u2019s sports betting expertise will complement Caesars\u2019 current offering, enabling the combined group to better serve our customers in the fast growing US sports betting and online market.\u201d<\/p>\n

With Post wires<\/em>\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Caesars Entertainment eyes $3.7 billion William Hill takeover” Caesars Entertainment said it\u2019s looking to buy British betting house William Hill for about $3.7 billion as it moved to beat out a rival bid from private equity giant Apollo Global Management. The Nevada-based casino operator confirmed Monday that it\u2019s in \u201cadvanced discussions\u201d with William Hill about…<\/p>\n","protected":false},"author":1,"featured_media":77168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/09\/william-hill-caesars.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[73245,72965,72967,70584],"class_list":["post-77167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-28-20","tag-caesars-entertainment","tag-gambling","tag-mergers-acquisitions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/77167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=77167"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/77167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/77168"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=77167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=77167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=77167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}