Caesars aiming to complete William Hill acquisition in Q120th November 2020 8:25 am GMT
Caesars Entertainment is aiming to complete its acquisition of William Hill in the first quarter of 2021 after Thursday’s vote in favour of the transaction by William Hill shareholders.
Caesars’ proposed 272 pence per share offer was approved by more than 86 per cent of the votes cast at Thursday’s court meeting, representing 47.3 per cent of eligible votes, and subsequently approved at the general meeting of the company.
“We are pleased to have received William Hill shareholder support for our recommended cash offer,” said Tom Reeg, CEO of Caesars Entertainment, Inc. “We continue to work towards satisfying the remaining regulatory conditions and look forward to completing the transaction next year and integrating William Hill U.S. into our Caesars sports betting and iGaming franchise.”
Regulatory authorities in Austria have already confirmed that the acquisition will not be subject to Section 17 of the Austrian Cartel Act, satisfying one of the acquisition conditions.
The remaining competition and regulatory approvals are expected to be obtained in the first quarter of 2021, with Caesars stating that it now aims to complete the acquisition in March 2021.
Shares in William Hill plc. (LSE:WMH) were trading 0.34 per cent higher at 269.00 pence per share in London early Friday morning, while shares in Caesars Entertainment Inc. (NSQ:CZR) closed 3.03 per cent higher at $65.73 per share in New York Thursday.