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William Hill supports Caesar’s $ 3.7 billion takeover bid



William Hill said Wednesday that he has agreed to be acquired by Caesars Entertainment, which has valued the British bookmaker at 2.9 billion pounds ($ 3.72 billion), and will give the US casino operator full control over the fast-growing US sports betting and online business.

“The William Hill Board believes that this is the best option for William Hill at an attractive price for shareholders,”

; said William Hill Chairman Roger Devlin.

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The deal comes shortly after William Hill said he was willing to recommend Caesar’s offer of 272 pence a share. Shares fell on Monday after analysts noted that the offer significantly underestimated the company.

The owner of Caesars Palace intends to find alternative owners of William Hill’s non-US business, including more than 1,400 bets in the UK, and said he would integrate US business in Caesars with minimal, if any, job cuts.

Ticker Security Last Change Change%
CZR CAESAR’S ENTERTAINMENT 54.49 -3.72 -6.39%

Shares of William Hill on Friday jumped to a two-year high of over 312 pence after saying they had received separate offers from Caesars and the Apollo buyout group.

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(Report by Tanishaa Nadkar in Bengaluru; Editing by Vinay Dwivedi)


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