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Sept. 28, 2020, 2:27 a.m. EDT

Caesars in talks over $3.7B offer for William Hill

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By Ian Walker

Caesars Entertainment Inc. said Monday that it is in advanced talks over a possible 2.9 billion pounds ($3.7 billion) cash offer for U.K. betting company William Hill PLC.

The U.S. company said that any offer would be at 272 pence for each William Hill share, a 25% premium to Thursday's closing share price of 217.60 pence, the day before William Hill said that it had received the approach. William Hill shares closed Friday at 312.20 pence.

Caesars said that it has finalized due diligence and that a further statement would be made as and when appropriate. It expects any deal to be completed in the second half of 2021.

"William Hill's sports betting expertise will complement Caesars' current offering, enabling the combined group to better serve our customers in the fast growing U.S. sports betting and online market," Caesars Chief Executive Tom Reeg said.

Write to Ian Walker at ian.walker@wsj.com

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