W
illiam Hill said it expected its $3.6 billion acquisition by Caesars Entertainment to be completed on 1 April.
Approved by William Hill shareholders in November, the deal was awaiting the green light from relevant US gambling authorities. William Hill has issued an update on the timetable and conditions regarding the takeover. The UK-based bookmaker said Wednesday that Caesars’ current expectation was that the remaining approvals would be obtained on or about 23 March.
Subject to shareholder and regulatory approval, the bid was put forward by the US operator’s special unit of “Caesars UK Bidco” carrying the transaction on behalf of the wider Caesars group, as reported by SBC News. During the fourth quarter, Caesars UK Bidco began to pursue the state-by-state regulatory approval of the takeover by US regulatory authorities.
Caesars and William Hill have established a Scheme Court Hearing to take place on March 30 as the final regulatory hearing to sanction the takeover, ensuring the deal’s legal certainty. Should Caesars Bidco clear all regulatory hurdles, William Hill anticipates completing its approved takeover on April 1.
In preparation for its US merger, William Hill has alerted the London Stock Exchange that it plans to delist its shareholding from the FTSE index on April 1, with the company cancelling all FTSE share transactions by April 6. The board of William Hill will publish a new scheme document to investors, providing full details of its Q1 timetable.
