Wiliam Hill shareholders reached an agreement to implement Caesars Entertainment’s take over scheme with a majority 87.1% in favour of the move.
The parties discussed the proposal and eventually reached the monumental verdict at William Hill’s London head office, in attendance were also all shareholders.
81.3% of William Hill shareholders holding 86.6% of the business voted for the approval of Caesar’s takeover.
In line with the agreement, leading U.S. entertainment-casino company, Caesars Entertainment, will acquire 1.08 billion shares, each valued at £2.72. This would result in an impressive £2.9 billion takeover bid.
Caesars have noted that they predict the outcome of the agreement could mean $700m generated in net revenue for 2021. Furthermore, the move will be a significant step in Caesar’s attempt to increase presence in sports betting.
Tom Reed, Caesar Entertainment’s Chief Executive Officer said:
We are pleased to have received William Hill shareholder support for our recommended cash offer,
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 igaming franchise.
The transition period in relation to Caesar’s necessary regularity approvals are expected to start as early as the end of March 2021.
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