Caesars Prices Upsized Stock Offering at $56 Amid M&A Bid

Caesars Stock Offering Said to Price at $56 Amid M&A Bid

Drew Singer

30 Sep 2020, 02:42 AM IST

(Bloomberg) -- An offering by Caesars Entertainment Inc. to help fund its bid for William Hill Plc has priced 31 million shares at $56 each, the company said in a statement. Caesars shares fell as much as 4%.

Tuesday’s offering price, which was first reported earlier by Bloomberg News, represents a 3.8% discount to Monday’s closing price. Proceeds from the offering may be put toward the company’s cash offer for the British gambling group, Caesars said in a separate statement on Monday.

The offering was upsized by one million shares. Pricing plans were accelerated by a day on Monday, a person familiar with the matter said at the time. Deutsche Bank and JPMorgan are underwriting the share sale.