Caesars Entertainment Inc. CZR, +7.94% said Monday it has commenced an offering of 30 million shares in a syndicated deal, joining the many companies issuing record levels of debt and equity during the pandemic.
Proceeds will be used for general corporate purposes, including potentially the previously announced possible cash offer for William Hill Plc. Caesars said earlier that it is in advanced talks over a possible 2.9 billion pounds ($3.7 billion) cash offer for the U.K. betting company.
Deutsche Bank and J.P. Morgan are underwriting the share offering. Caesars shares rose 4% premarket, but have fallen 4.3% in the year through Friday, while the S&P 500 SPX, +1.59% has gained 2.1%.jump 350