William Hill approached by Apollo, Caesars on possible takeover

(Reuters) – British betting firm William Hill said on Friday it had received separate cash proposals from buyout firm Apollo and U.S. casino operator Caesars Entertainment about a possible takeover, giving no indications of the offer values but sending shares in the company soaring 34%. “Following an initial written proposal from Apollo on 27 August 2020, William Hill received a further proposal from Apollo and proposals from Caesars,” the company said, adding that the talks were ongoing.

Apollo and Caesars have until Oct. 23 to either announce a firm intention to make an offer for William Hill or walk away.

Bloomberg had earlier reported that Apollo had approached the company regarding a potential deal.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Anil D’Silva)