VIE 29 DE MARZO DE 2024 - 07:30hs.
Separate cash proposals

William Hill approached by Apollo and Caesars on possible takeover

British betting firm William Hill said this Friday (25) it had received separate cash proposals from buyout firm Apollo and U.S. casino operator Caesars Entertainment about a possible takeover, giving no indications of the offer values but sending shares in the company soaring 34%. Apollo and Caesars have until October 23 to either announce a firm intention to make an offer for William Hill or walk away.

"Following an initial written proposal from Apollo on 27 August 2020, William Hill received a further proposal from Apollo and proposals from Caesars," the company said.

“Discussions between William Hill and the respective parties are ongoing. There can be no certainty that any offer for William Hill will be made, nor as to the terms on which any offer might be made,” the bookmaker also stated.

A further announcement would be made if and when appropriate, William Hill added.

Apollo and Caesars have until October 23 to either announce a firm intention to make an offer for William Hill or walk away. Bloomberg News first reported the talks with Apollo. 

The British bookmaker has been hit hard by the pandemic. Last month it announced plans to close 119 shops permanently and merge its retail and online operations.

For the first half of the year, William Hill reported a 31.7% year-on-year decline in revenue to £554.4m, in a period where the novel coronavirus lockdown badly affected performance. However, a £230.7m VAT refund - for tax incorrectly applied to revenue earned from certain gaming machines prior to 2013 - saw net profit grow to £115.6m.

For the same period, the enlarged Caesars posted revenue of US$2.79bn, down 50.3% from the legacy business' combined revenue for the first half of 2019.

Shares in William Hill surged after news of the potential bids broke, rising 39.29% to 303.10 pence per share in London on Friday (25) afternoon.

Source: GMB