Caesars Closes in on William Hill Deal

By Martin Green15 November 2020
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Caesars Closes in on William Hill Deal

Caesars Closes in on William Hill Deal

Caesars Entertainment has edged closer to buying William Hill after rival Apollo Management International pulled out of the race. William Hill had already announced Caesars as “the best option” at an “attractive price for shareholders” after it agreed to pay £2.72 per share.

That values the deal at £2.9 billion. Apollo considered a rival bid, but Caesars said that would force it to pull out of a joint venture in the United States.

Apollo has now said it will no longer take part in the bidding process. That statement is now binding for six months under the City Code on Takeovers and Mergers.

However, Caesars is only interested in the US arm of the William Hill business, and it plans to immediately sell the rest of the company, which accounts for the vast majority of its turnover. Apollo could then swoop in and buy the rest of the business.

Bookmakers Pay Out on Biden

William Hill, Bet365 and Betfred all paid out on Joe Biden winning the US presidential election this week. Donald Trump has refused to concede defeat in the election, ordering his lawyers to demand recounts and calling for investigations into alleged voter fraud.

Yet the final states have been called, with Biden winning 306 electoral college votes to Trump’s 232, while he won the popular vote by a margin of more than 5.5 million. Many bookmakers now feel confident enough to pay out on Biden. Boyle Sports also paid out, while Sporting Index settled clear markets.

Betway is yet to settle the market, pointing to “very legitimate reasons” for its hesitance, while Ladbrokes and Coral have been reserving judgment while legal disputes were still pending. They said they would settle in favour of Biden on Monday.

Harris Named Favourite for 2024

California senator Kamala Harris will become the first female vice president after the Biden-Harris ticket proved successful in the election. Bookmakers have also installed her as the favourite to win the 2024 presidential election.

Biden is already the oldest president-elect in history. He will be 78 when he takes office in January, and bookmakers believe he may not go for a second term at the age of 82.

William Hill has Harris as the 7/2 favourite to win the election, with 11/2 on Biden. Trump is 7/1 to return to the White House by winning the 2024 election. Presidents can only serve two terms, but there are no laws against them coming back after a four-year absence to serve a second term.

Trump will retain a loyal base of followers over the next four years, but there will still be fierce competition to secure the Republican nomination. Vice President Mike Pence is priced at 10/1 to win the 2024 presidential election, followed by Nikki Haley, the former governor of South Carolina.

Next up is Alexandria Osacio-Cortez, the popular US Representative who was too young to run for the Democratic nomination this year, at 16/1. Her rallies in support of Bernie Sanders drew the biggest crowds of any presidential rally. You can then find Ivanka Trump and Dwayne Johnson, at 25/1 each.

888 Holdings Appoints Chief Strategy Officer

888 Holdings has appointed Vaughan Lewis to the newly created role of chief strategy officer. Lewis joins from Paddy Power Betfair owner Flutter Entertainment, where he was transformation lead for the company’s international business following its acquisition of The Stars Group in May.

He will join 888 in May, reporting to chief executive Itai Pazner. “Vaughan is a highly experienced gaming industry professional with a wealth of relevant expertise across both strategic development and investor relations,” said Pazner. “I have no doubt that his skills and background will support 888 to identify and deliver further growth opportunities over the coming years.”