LAS VEGAS (KLAS) — A Caesars Entertainment stock offering is in the works as the gaming giant looks to make a major move into the sports betting world.
A $3.7 billion offer for William Hill.
Caesars currently owns a 20% stake in William Hill.
In a news release announcing the stock offering today, Caesars said, “The company expects to 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.”
A report on BBC.com indicates that William Hill has also been approached about a takever by Apollo, a US private equity firm.
Caesars is issuing 30 million shares of common stock, with a plan to follow that with another offering of 4.5 million shares.
This is a developing story. Check back for updates.