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Buyout specialist Apollo Global Management has pulled out of the race to snap up bookmaker William Hill, paving the way for US casino giant Caesars Entertainment.
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Apollo confirmed it would not make a bid for the betting giant, unless Caesars pulled out of the race, or a third party became involved.
Las Vegas-based Caesars has already agreed a £2.9billion takeover of UK-based William Hill.
© Provided by This Is Money No deal: Apollo Global Management has pulled out of the race to snap up bookmaker William HillIn September, the duo announced that Caesars would pay £2.72 per William Hill share in cash, marking a premium of over a quarter compared with the price before the US company's interest was first reported.
Buyout specialist Apollo Global Management has pulled out of the race to snap up bookmaker William Hill, paving the way for US casino giant Caesars Entertainment.
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Apollo confirmed it would not make a bid for the betting giant, unless Caesars pulled out of the race, or a third party became involved.
Las Vegas-based Caesars has already agreed a £2.9billion takeover of UK-based William Hill.
© Provided by This Is Money No deal: Apollo Global Management has pulled out of the race to snap up bookmaker William HillIn September, the duo announced that Caesars would pay £2.72 per William Hill share in cash, marking a premium of over a quarter compared with the price before the US company's interest was first reported.
At the time William Hill chairman Roger Devlin said: 'The William Hill board believes this is the best option for William Hill at an attractive price for shareholders.
https://soft-dyna.mystrikingly.com/blog/keyboard-maestro-8-2-hot-key-tasking-solution-answer. Office 2011 mac os 10 15. '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.'
The takeover will give Caesars, the operator of the Caesars Palace casino in Las Vegas, access to the vast US sports betting market. Caesars also already owns various casinos in the UK.
The market has been heavily regulated in the past, with most US states banning betting. But, after a 2018 ruling in the US Supreme Court, states are now allowed to legalise the practice. https://free-betrelief-double-bonus-poker.peatix.com.
William Hill previously received an approach from Apollo, but decided to reject the private equity giant in favour of its US peer, Caesars. Play online casino games for fun.
Free jaguar games. Apollo said today: 'Apollo Management International . on behalf of certain of its affiliated funds, confirms that it is not intending to make an offer for William Hill.'
© Provided by This Is Money Glitzy: Caesars is the operator of the Caesars Palace casino in Las VegasShares in FTSE 250-listed William Hill are up 0.2p points to 267p this morning, while a year ago the share price stood at 172p.
In August, William Hill revealed it was shutting 119 of its high-street betting shops for good, amid fears in-store customer levels would not return to pre-pandemic levels.
A spokesperson for William Hill told This is Money at the time that less than 20 people would lose their jobs, with around 300 set to be redeployed to other sites within the company.
The closures leave the betting firm with over 1,414 stores across the UK.
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A spokesperson for William Hill told This is Money: 'We are very comfortable with the scale and performance of our retail estate; we think we have got the balance right.
'But we will always look at performance as leases are up for renewal. This is just part of normal business practice.'
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In the six months to June, William Hill's profits fell 85 per cent to £11.8million, while revenues shrunk by 32 per cent to £554.4million on the previous year.
