William Hill has confirmed it has received ‘separate cash proposals’ from US private equity fund Apollo Global Management and its current US markets strategic partner Caesars Entertainment.
In a statement, William Hill explained that talks were ongoing between the two previously mentioned parties yet claimed ‘there can be no certainty that any offer or deal terms will be made’.
The response comes after media speculation suggested the UK-based operator was facing an imminent US takeover. Rumours began to circulate earlier this month when William Hill denied it was preparing to spin-off its William Hill US subsidiary to Caesars Entertainment, who own 20 per cent of the wagering division as part of its strategic joint-venture partnership.
Apollo Global and Caesars will be required to announce a firm intention to make an offer for William Hill no later than 23 October 2020.
Only yesterday, William Hill made its ‘long awaited’ first move in the state of Michigan, seven months after signing a deal to become the exclusive provider of online sports betting and casino gaming with the Grand Traverse Band of Ottawa and Chippewa Indians.
As part of the partnership, the pair have opened their first sportsbooks in the Wolverine state at Turtle Creek Casino and Hotel, along with a satellite location at Leelanau Sands Casino.