Caesars Entertainment said Monday that it is in advanced talks for a $3.7 billion cash takeover of UK sports-gambling firm William Hill, with a focus on keeping its US assets and betting technology, reported the Wall Street Journal.
William Hill said last week that it received separate offers from Caesars and from Apollo Global Management Inc., signaling a possible bidding war as gambling companies compete for a piece of the growing US sports-betting market.
William Hill’s board of directors has indicated to Caesars that the £2.9 billion offer “is at a price level that they would be minded to recommend to William Hill shareholders,” the companies said Monday.
The offer would be a 25% premium to the closing share price on Thursday, the day before William Hill said it had received an approach.
Full Content: Wall Street Journal
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