Caesars announces closure of £2.9m William Hill takeover Share
April 23, 2021
Caesars Entertainment has announced the final closure of its £2.9 million takeover of Gibraltar-registered online and retail betting operator
William Hill.
Under the terms of the transaction, Caesars will acquire all of William Hill’s online and offline assets, intending to sell all non-US business divisions, including the UK and international online verticals, as well as the operator’s extensive suite of retail betting outlets.
William Hill’s US-based retail operations currently represent a 29% market share in the country, with a total of 170 operational outlets.
The merger means that the combined company currently offers sports wagering products in 18 US jurisdictions, of which 13 provide online mobile sports betting; a leading figure for the sector.
Caesars announces closure of £2.9bn William Hill takeover Share
April 23, 2021
Caesars Entertainment has announced the final closure of its £2.9 billion takeover of Gibraltar-registered online and retail betting operator
William Hill.
Under the terms of the transaction, Caesars will acquire all of William Hill’s online and offline assets, intending to sell all non-US business divisions, including the UK and international online verticals, as well as the operator’s extensive suite of retail betting outlets.
William Hill’s US-based retail operations currently represent a 29% market share in the country, with a total of 170 operational outlets.
The merger means that the combined company currently offers sports wagering products in 18 US jurisdictions, of which 13 provide online mobile sports betting; a leading figure for the sector.
Caesars secures High Court approval for William Hill acquisition Share
Caesars Entertainment’s acquisition of British retail and online bookmaker William Hill.
Following the ruling by the High Court, the transaction will be completed as of 22 April, ending three weeks of uncertainty surrounding the deal.
First agreed in September 2020, Caesars offered a purchasing price of $2.9 billion for the FTSE 250 betting operator, planning on integrating its US-based business and technology.
The offer represented £2.72 per share, outbidding rival
Apollo, and was recommended by the board of William Hill to the company’s shareholders.
Following the agreement of the transaction, Caesars initiated the process of acquiring legal approval in the US, requiring state by state approval from the relevant regulatory authorities.
Hedge funds take advantage of William Hill delayed Caesars takeover Share
William Hill, as the final judgement on the takeover of the British bookmaker by
Caesars continues to be delayed.
Caesars Entertainment’s $2.9 billion takeover bid was first disclosed on 30 September 2020 and recommended by William Hill’s board to shareholders. This initial offer represented a bid of £2.72 per share, countering a rival offer from equity firm Apollo.
It was later confirmed in early March that the firm would delist from the London Stock Exchange on 1 April, with all FTSE share transactions due to be cancelled by 6 April.
William Hill’s board previously announced that it would publish a new document providing full details of the takeover timetable and regulatory developments for its investors.
Hedge funds were buying William Hill shares as the delay in approving its £2.9billion sale to a US casino giant ran to a third week.
City sources said hedge funds betting on takeover deals, such as Melqart, Sand Grove and TIG, were paying £2.75 a share – more than Caesars has offered for the FTSE 250-listed bookmaker.
Last year, William Hill’s board recommended a £2.72-a-share offer from Caesars to shareholders after US private equity giant Apollo made a rival offer.
It has been nearly three weeks since William Hill said a judgment was ‘awaited’
Usually, a judge approves the takeover of a UK publicly listed company days after the court hearing.