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,”
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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.
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)