US firm Caesars Entertainment in talks to buy William Hill

PRESS RELEASE RENO, Nevada, and LAS VEGAS, Sept. 28, 2020. Caesars Entertainment, Inc. (NASDAQ: CZR)

Ceasars entertainment_William Hill

Ceasars Entertainment has announced an underwritten public offering of 30,000,000 shares of its common stock to buy William Hill.

In connection with the offering, the company intends to grant the underwriters a 30-day option to purchase up to an additional 4,500,000 shares of its common stock. The company expects to use the net proceeds from the offering for general corporate purposes, including, potentially, the previously announced possible cash offer for the entire issued and to be issued share capital of William Hill plc.

It was mentioned that the Deutsche Bank Securities and J.P. Morgan are acting as joint lead book-running managers for the offering.

Tom Reeg, Caesars CEO, said: "The opportunity to combine our land-based-casinos, sports betting and online gaming in the U.S. is a truly exciting prospect. William Hill’s sports betting expertise will complement Caesars’s current offering, enabling the combined group to better serve our customers in the fast-growing U.S. sports betting and online market. We look forward to working with William Hill to support future growth in the U.S. by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment."