Caesars Entertainment said on Monday it is in “advanced discussions” with British bookmaker William Hill over a £2.9 billion ($3.7 billion) cash offer, as the bidding war between the casino operator and buyout firm Apollo Management heats up.
While expanding its American and online operations, William Hill has been forced to transform its British business. In August the company announced that 119 of its shops that closed due to the coronavirus pandemic wouldn’t reopen. Regulatory woes, including £2 stake limits on certain betting terminals, have hit performance at brick-and-mortar locations.
Caesars said on Monday it has made it clear to William Hill that should Apollo succeed in acquiring the British betting company, it would terminate its contribution to the U.S. joint venture.