William Hill has addressed media speculation that it is facing an imminent US takeover, confirming that it had received ‘separate cash proposals’ from US private equity fund Apollo Global Management and its current US markets strategic partner Caesars Entertainment.
In a statement, William Hill stated that there are ongoing discussions between the respective parties, in which ‘there can be no certainty that any offer or deal terms will be made’.
Speculation initially began to grow earlier this month when the UK-based operator was forced to quell rumours that it was preparing to spin-off its William Hill US subsidiary to Caesars Entertainment, who own 20% of the wagering division as part of their strategic joint-venture partnership.
According to London City Rules, Apollo Global and Caesars will be required to present their firm proposals to William Hill investors no later than 23 October 2020.
Earlier this week, HG Vora Capital, a New York activist hedge fund led by former Goldman Sachs’ VP Parag Vora, acquired a 5.1% stake in William Hill, with the transaction reportedly valued at £115 million ($147.8 million).
HG Vora Capital’s investment into William Hill comes as the operator continues to grow its footprint across regulated wagering markets, with the bookmaker recently completing a £225 million private bookbuild to support its growth strategy.