November 19, 2020 Sports Betting, Legal, Online, Land-Based

Caesars and William Hill reach agreement on recommended share offer

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One more step taken in mega-merger between operator duo.

Caesars Entertainment has announced that William Hill shareholders have approved the recommended cash offer of £2.72 ($3.60) per share in Caesars' proposed acquisition of the operator.

Each of the necessary resolutions were approved by the requisite majority of shareholders, with over 86% of the votes cast at Wednesday’s shareholders meeting in favour of the transaction.

The agreement is subject to any remaining outstanding regulatory conditions and final approval from the English court.

The companies have reached this agreement ahead of Caesars’ impending $3.72bn takeover of the UK betting firm, which was announced at the end of September earlier this year.

Further regulatory necessary approvals are required, with the casino operator aiming to complete the acquisition in March 2021.

The company expects the merger to generate between $600m to $700m in net revenue in the US next year.

“We are pleased to have received William Hill shareholder support for our recommended cash offer,” said Tom Reeg, CEO of Caesars Entertainment.

“We continue to work towards satisfying the remaining regulatory conditions and look forward to completing the transaction next year and integrating William Hill US into our Caesars sports betting and online gaming franchise.”

Caesars already owns a 20% stake in William Hill’s US operations, with William Hill holding exclusive rights to operate sports betting under the Caesars brand.

The casino operator is, however, seeking buyers for all of William Hill’s non-US operations, including its UK business.

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