William Hill Gambling Stock

William Hill shares jumped 32% in London today as the bookmaker confirmed it has received multiple cash buyout offers from US companies.

William Hill Gambling Stock

William Hill released a note indicating offers from casino giant Caesars Entertainment and New York investment firm Apollo Management International.

Hill said it received an initial proposal from Apollo on Aug. 27, before a further proposal from Apollo and proposals from Caesars.

“Discussions between William Hill and the respective parties are ongoing,” the company said. “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.”

There is a lot of money to be made in the U.S. Sports betting market, William Hill stock has been grossly undervalued, and its U.S. Assets alone could be worth more than the offer. William Hill has indicated it would recommend its shareholders approve the proposed acquisition, which Caesars plans to finance by selling new stock along with its existing cash and $2 billion in.

Under M&A regulations, Caesars and Apollo now have 28 days to announce a firm offer for William Hill or announce they do not intend to make an offer.

William Hill shares jumped 32% to 288 pence on the news, valuing the company at around $4 billion.

Caesars Aims at the Sports Betting Sector With a Big William Hill Bid The weekend takeover bid prices the sports betting company with a solid premium above its share value. Stock analysis for William Hill PLC (WMH:London) including stock price, stock chart, company news, key statistics, fundamentals and company profile.

William Hill M&A speculation

The announcement was sparked by a Bloombergreport today that William Hill had been approached by Apollo.

The Caesars interest has also been making the rounds in the industry. Multiple analysts noted this week that Hills and Caesars could form a US joint venture including the William Hill US assets.

Roth Capital analyst David Bain said a CZR/WMH interactive spinoff was likely to happen this year, “well-ahead of investor expectations”.