Shares of William Hill, one of the world’s largest betting companies, rose over 30% in overseas trading after news that it received takeover offers from Apollo and Caesars by skleb1234
William Hill’s stock was up 34% after the company confirmed that it had received separate cash proposals from the two groups on Friday, BloombergThe U.K. bookmaker said that talks are still ongoing and that Apollo and Caesars have until October 23 to make a formal offer or walk away from a potential deal.
“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.News of a potential takeover comes as William Hill has been faced with the economic fallout from coronavirus andWilliam Hill has offset regulatory pressures at home by expanding into the U.S.
has focused on building its online businesses since Ulrik Bengtsson, who was formerly William Hill’s chief digital officer, took over as CEO a year ago. William Hill has also been growing its footprint in the United States, especially since the Supreme Court lifted a ban on sports betting in May 2018.
thanks to the return of big sporting events like horse-racing, soccer in England and Germany, as well as Major League Baseball in the United States.
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