Caesars Entertainment Gets Green Light For £2.9bn Takeover Of William Hill

American casino firm Caesars Entertainment has been given the green light to go ahead with takeover of UK betting company William Hill.

The pair have agreed a £2.9 billion deal after the boards of both companies consented to a cash offer of £2.72 per share, however the deal is still subject to at least 75% of William Hill shareholders voting in favour. 

The news comes after rival bids by US private equity firm Apollo were turned down.

“William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to better serve our customers in the fast-growing US sports betting and online market,” said Tom Reeg, CEO, Caesars Entertainment.

Roger Devlin, Chairman, William Hill, added: “The William Hill board believes this is the best option for William Hill at an attractive price for shareholders.”

“It recognises the significant progress the William Hill group has made over the last 18 months, as well as the risk and significant investment required to maximise the US opportunity given intense competition in the US and the potential for regulatory disruption in the UK and Europe.

“Under the revitalised senior leadership team, William Hill has been delivering on its strategy and potential. William Hill is one of the world’s leading betting and gambling companies, with a long and proud heritage. 

“It is one of the most recognized brands globally. Over recent years, it has transformed from a business once heavily reliant on UK retail into a company that is truly diversified by geography and channel, providing a stable standalone platform for future growth.”