William Hill Said to Get Takeover Proposals From Apollo, Caesars

William Hill Said to Get Takeover Proposals From Apollo, Caesars

U.K. gambling group William Hill WIMHY has received takeover approaches from New York private-equity group Apollo Global  (APO) – Get Report and from Caesars,  (CZR) – Get Report a media report says.

Apollo approached William Hill to discuss a deal for the $3 billion market-capitalization company, and discussions are still at an early stage, sources told Bloomberg. 

Caesars has also approached William Hill about a takeover, according to Bloomberg, and both parties have made separate cash proposals for the company. 

Five weeks ago Jefferies analyst James Wheatcroft, in a note reported by Barron’s, wrote that William Hill shares were inexpensive because investors weren’t taking account of the U.K. company’s U.S. sports-betting franchise.

At last check William Hill American depositary receipts were 35% higher at $15.29.

Apollo already has a history in gambling investments following a leveraged buyout of Harrah’s Entertainment in 2008. Harrah’s was subsequently renamed Caesars Entertainment. 

Last year, Apollo acquired a stake in Italy’s Gamenet Group SpA. 

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