Caesars prices public offering of shares ahead of William Hill talks

Caesars Entertainment has priced 31m shares of its common stock at $56.00 per share as the company looks to raise capital to support its takeover bid of British sportsbook William Hill.

Caesars said it will 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.” 

Earlier this week the company put out a $3.7bn bid to buy William Hill. 

Though Caesars is ostensibly battling private equity firm Apollo Global Management for control of William Hill, Caesars is considered the favorite due to its 20% stake in the British company. 

Caesars reportedly threatened to end its partnership with William Hill entirely if the latter chooses Apollo’s bid.

Ezra Amacher

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