William Hill approached by Apollo, Caesars on possible takeover
Sept. 25, 2020
FILE PHOTO: A pedestrian walks past a William Hill betting shop in London, Britain July 25, 2016. REUTERS/Neil Hall
(Reuters) - British betting firm William Hill WMH.L said on Friday it had received separate cash proposals from buyout firm Apollo APO.N and U.S. casino operator Caesars Entertainment CZR.O about a possible takeover, giving no indications of the offer values but sending shares in the company soaring 34%. "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, adding that the talks were ongoing.
Apollo and Caesars have until Oct. 23 to either announce a firm intention to make an offer for William Hill or walk away.
Bloomberg had earlier reported that Apollo had approached the company regarding a potential deal.
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