Determining the value of a gambling business in an uncertain world

September 29, 2020

UK betting operator William Hill was always a bridesmaid and never a bride — until last week. William Hill is finally in play, with offers from the gambling behemoth, Caesars Entertainment, and private equity firm, Apollo, although Caesars appears to be the frontrunner. The offers are around £2.9 billion (US$3.7 billion), 272p per share, about a 50% markup on the pre-COVID price per share, but lower than the market was expecting prior to the announcement, precipitating a fall in the price. Some people are never satisfied!

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