City news outlets say that as the FTSE250 business moves to merge with US strategic partner Caesars Entertainment, New York investment fund Apollo Global Management will bid to acquire William Hill Plc’s ‘non-US properties’.
Apollo officially declared his plans to bid for William Hill’s outright purchase. The pursuit of the heritage UK betting community by the investment fund, however, was undone by the £ 2.9 billion Caesars offer that forced William Hill ‘s hand.
The offer of Caesars was suggested to William Hill investors, with company chairman Roger Devlin stressing that the tie-up of a Caesars-Hill secures ‘the best foundations from which to accelerate William Hill’s US multi-state wagering ambitions’.
The board of William Hill had required Apollo to announce its offer for review by 12 November, but the investment fund is said to have changed its strategy to secure the European subsidiaries of William Hill.
With respect to how it will restructure William Hill under its management, Caesars has yet to publish its prospectus.
Industry analysts have reported that Caesars is highly likely to sanction a sell-off for all non-US properties in William Hill, as the Nasdaq gaming company completes back-to – back deals in 2020 after combining with Eldorado Resorts to create the largest casino and hospitality business in North America.
Caesars would be unwilling to be anchored to the European riches of William Hill, however, as the organisation is forced by its investors to build the first mass-market plan for US wagering.
Attention has now turned to how Caesars will opt to divest the UK and European subsidiaries of William Hill, as suitors state their intention to acquire properties.
Betfred founder Fred Done is said to be watching a discounted buyout of the UK estates of William Hill having netted a Caesars takeover of £170 million. Prior to the transaction, he secured a 6 percent stake, taking advantage of the ‘pandemic share price’ of William Hill.
Meanwhile, in its interim statement, FTSE competitor 888 Holdings stated that it was closely tracking William Hill developments with regard to the digital properties of Mr Green’s William Hill Online and Scandinavian online casino.
Yet, in order to compete in the multi-billion M&A sector of global betting, 888 ‘s board identified William Hill and Mr Green as goals to extend the sportsbook ambitions of the business and further advance its development within regulated European markets.