The investment firm had submitted a rival bid to Caesars Entertainment’s.
UK.- The investment fund Apollo Management International has ruled out another offer for British bookmaker William Hill, backing down in the face of Caesars Entertainment’s offer which directors have recommended shareholders accept.
Apollo had submitted a rival offer to Caesars’ £2.9bn bid for the bookmaker. Its announcement prevents it from now bidding on the company for six months according to the City Code on Takeovers and Mergers.
Exemptions to that would include if it decides to put in an offer for William Hill’s European business, which Caesars is expected to sell off.
It could also potentially revive its bid if Caesars’ offer lapses or if a third party enters a bid.