William Hill Up Over 30% On Big News and Devon’s Billion-Dollar Merger
Apollo Global Management Inc as well as Caesars Entertainment In have both approached U.K gambling group William Hill Plc about a potential takeover. Both companies have sent out cash proposals to William Hill, but it is not certain whether a formal offer will be made, William Hill said.
This lack of formality did not seem to bother investors as the news was enough to send shares flying up over 40% in London trading on Friday. The company’s market cap now sits at a record breaking 3.1 billion pounds or around $4 billion is USD equivalent.
Devon Energy Corp and WPX Energy Inc., are looking to see if they can intertwine their efforts to create one multi-billion-dollar energy company. These merger talks could be completed as soon as Monday in a move that would give both companies a fighting chance at surviving through a prolonged industry slump.
American shale drillers have had to eat some big punches due to the drop in demand caused by the corona pandemic. Devon’s shares have dropped about 64% in the past year, while WPX’s fell around 57% during the same time. With that being said, the combination of the two companies could be the breath of life both need to keep costs low and stay afloat during these unpredictably rough times.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.