(Alliance News) - Bookmaker William Hill PLC on Friday confirmed that it has received separate cash proposals from New York-based investment manager Apollo Management International LLP and Caesars Entertainment Inc.
Caesars Entertainment is a hotel and casino entertainment company based in the US state of Nevada.
"Following an initial written proposal from Apollo on August 27, 2020, William Hill received a further proposal from Apollo and proposals from Caesars. Discussions between William Hill and the respective parties are ongoing. There can be no certainty that any offer for William Hill will be made, nor as to the terms on which any offer might be made," the London-based company said in response to a press report.
Shares in FTSE 250-listed William Hill surged 39% to 303.10 pence each following the news, valuing the company at nearly GBP3.2 billion. Year-to-date the shares have gained over 61% in value.
Bloomberg News, citing people familiar with matter, on Friday reported that Apollo was exploring a potential buyout of gambling company William Hill.
As per UK takeover rules, Apollo and Caesars are required to make a firm acquisition offer for William Hill by October 23 or walk away.
By Tapan Panchal; tapanpanchal@alliancenews.com
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