William Hill's stock prices have skyrocketed amid speculations of a possible acquisition.

News Flash: October 3, 2020 – William Hill has agreed to Caesars' offer

After announcing that they might shut down up to 119 of their high street betting outlets, UK's leading betting giant William Hill is now courting takeover bids from gambling mogul Caesars Entertainment and financial powerhouse Apollo Global Management.

William Hill disclosed this morning that since the end of August, they've received bids from American investment firm Apollo, as well as an offering from Caesars. Although, it's still uncertain if these offers will actually materialize.

Following a robust bounce back since the restart of major sporting events, the bookmaker is now ready to return the £24.5 million it claimed in furlough support. Earlier in the year, their share value took a hit, but the recent buzz about a prospective acquisition has catapulted their stock up by a staggering 41% in London’s market, reaching peaks not seen since 2018. This surge has pushed their market valuation close to the £3.1 Billion mark.

William Hill’s shares have leapt upwards following the whisper of a looming acquisition

Apollo is no newcomer to the wagering landscape; their 2018 collaboration with TPG procured Hannah’s Entertainment Inc, eventually rebranded as Caesars Entertainment. William Hill is already working alongside Caesars, and the duo has been deliberating the possibility of merging their US operations.

William Hill’s announcement has set the timer for a possible acquisition pitch, granting the parties involved until October 23 to seal a deal under the UK’s acquisition regulations, though extensions might be granted.