Apollo Global Management, Caesars Entertainment Both Submit Bids for William Hill

Published on September 25th, 2020 11:49 am EST

Shares of William Hill have soared almost 40% on Friday morning after the gambling firm reported that they have received cash buyout proposals from two different groups.

According to Bloomberg.com, the two potential suitors for William Hill are Apollo Global Management Inc. and Caesars Entertainment Inc.

William Hill and Caesars are already operating as partners in the growing US market.

William Hill has said that "talks are ongoing" and no formal offers have been made as of this moment.

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William Hill has been the subject of takeover attempts in the past.

In 2016, 888 and Rank Group attempt to join forces to acquire William Hill, with William Hill rejecting a proposed takeover.

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William Hill has managed to establish themselves in the quickly growing US betting market. This market, which was opened by a Supreme Court ruling a few years back, is growing in leaps and bounds, with states legalizing online gambling seemingly with each passing day.

In addition, William Hill is one of the biggest betting operations in Europe.

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In recent weeks and months, companies have been scrambling to sign deals to capitalize on the growing US market, which is considered the crown jewel of the global gambling landscape due to the country's love for sports and betting, as well as their high disposable income.

William Hill's days of being an independent company may be drawing to a close. The stock market clearly believes that there is a good chance that William Hill ends up being acquired in the near-term.

Source: Bloomberg.com - William Hill Gets Takeover Approaches From Apollo, Caesars

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