12th Nov 2020 09:54
(Alliance News) - Private equity firm Apollo Management International confirmed Thursday it will not be making a takeover offer for bookmaker William Hill PLC.
Apollo, however, left open the option to pounce if the FTSE 250 firm's agreement with US casino operator Caesars Entertainment Inc falters.
William Hill back in September agreed to a GBP2.9 billion takeover by the owner of Caesars Palace in Las Vegas. The US company said the move was part of its plan to expands its sports and online gaming business. The UK company, through a joint venture with Caesars, already runs online sports betting operations in some US states and retail sports wagering in Caesars' properties in the US.
Apollo also noted that the UK Takeover Panel agreed that Apollo was allowed to bid for the non-US businesses of William Hill, which include its UK betting shops. It noted that Caesars has stated its intention to sell those businesses after acquiring William Hill for its US operations.
New York-based Apollo initially had bid for all of William Hill but backed off in favour of Caesars.
Shares in William Hill were 0.1% higher in London on Thursday morning at 267.31 pence each.
By Paul McGowan; [email protected]
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