Buyout funds from both sides of the Atlantic are preparing for a £1.5bn battle to acquire William Hill’s betting shops and European arm.
CVC Partners and Apax Partners are considering potential bids, according to City sources, setting up the prospect of a three-way battle with Wall Street titan Apollo Global Management.
Caesars agreed a 272p-a-share deal with William Hill’s board in September to buy the company outright. The deal will be put to a shareholder vote later this month.
The Las Vegas casino operator wants to sell William Hill’s estate of 1,400 shops and other operations outside of America.
Fred Done, the billionaire founder of Betfred and one of William Hill’s biggest investors, remains interested in bidding for parts of the business, having previously considered “all options”.
888 Holdings has also been linked with making an offer. However, insiders said that some potential bidders may be priced out of the running with Caesars looking to sell William Hill’s operations in one block rather than on a piecemeal basis.
Caesars will wait until shareholders have given its takeover deal their blessing on November 19 before launching an auction.
All parties declined to comment.