Caesars Entertainment's $3.7B Acquisition Deal for William Hill Close to Reality

Caesars Entertainment's $3.7B Acquisition Deal for William Hill Close to Reality

The announcement came only three days after William Hill disclosed it had received dueling proposals from both Caesars and Apollo.

Caesars - which is in advanced talks with William Hill - said the betting chain's board of directors has indicated the offer is at a level that "they would be minded to recommend to shareholders". Caesars has since revealed that its offer is £2.72 ($3.50) per share, nearly 58% more than William Hill's stock price the day before the offer was originally made on September 2.

Caesars already owns a 20 per cent stake in William Hill's U.S. operations, which also has exclusive rights to operate sports betting under the Caesars brand, but is facing competition from U.S. private equity firm Apollo.

In comparison to Apollo, Caesars has a distinct competitive advantage in the William Hill pursuit.

Caesars and William Hill also have an existing joint venture in the USA and Caesars said that it would be able to exercise its right to terminate the arrangement if Apollo's bid was successful. The two companies reportedly held detailed discussions in the fall of 2018 about a cash and shares deal that would have seen the British bookmaker join the former Caesars.

"We look forward to working with William Hill to support future growth in the U.S.by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment", Reeg added.

However, William Hill has been on a heavy expansion spree in the U.S. where it has 170 retail wagering sites in 13 different states.

He added: "We look forward to working with William Hill to support future growth in the United States by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment". That deal followed a similar agreement announced in February between William Hill and Viacom CBS Inc.'s CBS Sports that enabled the gambling company to seek new customers utilizing the media giant's huge sports customer base.

Should a buyout of William Hill be agreed, Caesars expects that it will close in the first half of 2021. An Apollo spokeswoman did not immediately comment on the proposed deal on Monday.

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