William Hill shares surge 20% on Apollo bid

Business News

Apollo Global Management is considering buying bookmaker William Hill and has approached the company about a potential deal, Bloomberg News reported on Friday, citing people familiar with the matter.

William Hill confirmed that it has received separate cash proposals from New York-based investment manager Apollo Management International LLP and Caesars Entertainment Inc.

“Following an initial written proposal from Apollo on August 27, 2020, William Hill received a further proposal from Apollo and proposals from Caesars. Discussions between William Hill and the respective parties are ongoing. 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,” the London-based company said in response to a press report.

Shares in FTSE 250-listed William Hill surged 20% to 303.10 pence each following the news, valuing the company at nearly GBP3.2 billion. Year-to-date the shares have gained over 61% in value.