William Hill Shareholders Approve Buyout by Caesars Entertainment
William Hill’s shareholders have given their approval to a takeover bid from Caesars, as shareholders who make up 86% of the shares supported the deal. In total 81.3% of the company’s shareholders, who between them hold 86.6% of the company’s issued share capital, voted in favor of the deal.
The 81.3% of shareholders who voted represent 54.6% of William Hill shares, which means that 47.3% of all the company’s shares voted in favor. A higher number of shareholders, 87.1%, voted to implement Caesars’ takeover plan. Both of the measures needed approval from a majority of voting shares in order to pass.
The deal is worth a massive $3.7 billion and Caesars Chief Executive, Tom Reed, said, “We are pleased to have received William Hill shareholder support for our recommended cash offer.” He went on to say that the company will be continuing to work towards meeting the remaining regulatory conditions and that they expect to complete the transaction next year, which will see William Hill US integrated into the Caesars sports betting and iGaming franchise.
According to the terms of the deal, Caesars will purchase William Hill’s 1.08 billion shares for $3.61 each. Caesars is mainly interested in William Hill’s US betting operations, and it is likely that the rest of the company shall be sold.
Caesars is expecting the new operation to bring in up to $700 million in net revenue during the next fiscal year. The company said that Austria’s competition authorities have approved the deal and added that it expects to have received all the needed regulatory approvals by the second quarter of 2021.
This deal comes soon after Eldorado Resorts acquired Caesars in a $17.3 billion reverse merger deal. The deal means that there are now 55 casinos under the operator’s control.
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