UK court gives Caesars approval for William Hill takeover
A British Court has approved William Hill’s £2.9bn ($4.05bn) takeover by US operator Caesars Entertainment.
The takeover has been granted approval despite questions from shareholders. Minority shareholder HBK raised concerns about the disclosures around the deal.
Together with US hedge fund GWM Asset Management, the pair wrote to the board arguing that the terms around the takeover are yet to be disclosed by William Hill.
They argued shareholders voted on the scheme without important information required to judge the deal fairly.
Caesars agreed to buy the group in September last year and the scheme is likely to become effective on April 22. William Hill’s shares will be delisted from the London Stock Exchange.
If the deal failed, Caesars was willing to terminate the joint venture; however, with the court permitting the move it can carry on as expected.
The court process had been delayed for three weeks but in a statement the group announced the deal has now been sanctioned.
Caesars CEO Tom Reeg said: “The opportunity to combine our land based-casinos, sports betting and online gaming in the US is a truly exciting prospect, which owns Las Vegas’ iconic hotel and casino Caesars Palace.
“William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to better serve our customers in the fast-growing US sports betting and online market.”
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