Caesars Entertainment (CZR) and William Hill (WIMHY) confirm that they are in advanced discussions concerning a possible cash offer for the entire issued and to be issued share capital of William Hill.

Under the terms of the possible cash offer, William Hill shareholders would be entitled to receive for each William Hill share 272 pence in cash. The offer values the entire issued and to be issued share capital of William Hill at approximately GBP 2.9B, which represents premium of approximately 57.6% to the closing price on September 1, the last business day before Caesars' first approach to William Hill.

The companies added, "Caesars has finalized its due diligence and a further announcement will be made as and when appropriate. Should a firm offer be made it would be subject to approval of William Hill shareholders and customary antitrust and regulatory gaming approvals. Caesars expects that the transaction would close in the second half of 2021. The William Hill Board of Directors has indicated to Caesars that the Possible Cash Offer is at a price level that they would be minded to recommend to William Hill shareholders."