leadf
logo-loader
viewWilliam Hill PLC

William Hill shareholder Bet Fred denies working on a rival deal

Reports over the weekend claimed that Bet Fred owner Fred Done was on the verge of potentially hijacking the FTSE 250 bookie’s deal with the US casino giant

William Hill PLC -

Investor hopes for a bid battle for William Hill PLC (LON:WMH) have been dashed after rival bookmaker Bet Fred denied it was looking to gatecrash the planned takeover by Caesars Entertainment. 

Reports over the weekend claimed that Bet Fred owner Fred Done was on the verge of potentially hijacking the FTSE 250 bookie’s deal with the US casino giant. 

READ: William Hill investors shouldn’t look Caesars gift horse in the mouth ahead of UK’s gambling law review

William Hill’s second-biggest shareholder, Done was reported to be looking at “all options”, the Sunday Telegraph reported.

This speculation was batted away, however. “Bet Fred is not making a rival bid...Fred Done is weighing his options but a full bid for William Hill is not one of them,” a company source said in a statement.

Last week, William Hill’s directors said they “would be minded to recommend” the £2.9bn takeover by Caesars, with chairman Roger Devlin saying the offer is the “best option” and “at an attractive price for shareholders”.

A competing offer from private equity firm Apollo was also rejected.

Caesars potentially spiked any rival approaches by threatening to cancel its American partnership with William Hill if someone else was to acquire the British bookie, which would saw off its access point into the US mobile betting market along with its rights to operate sportsbooks at Caesars’ casinos.

Quick facts: William Hill PLC

Price: 271 GBX

LSE:WMH
Market: LSE
Market Cap: £2.85 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Greencoat UK Wind continue strong pipeline of acquisitions after year of...

Greencoat UK Wind PLC's (LON:WIND) Stephen Lilley talks through their results for the year that ended 31 December 2020 with Proactive London. Lilley explains describes 'the enormous amount of investment done, with over £900 million invested and £400 million of new equity...

11 hours, 45 minutes ago

2 min read