The ‘timetable and conditions’ for William Hill Plc’s $3.6 billion acquisition by US strategic partner Caesars Entertainment have been revised.
On September 30, 2020, William Hill’s board of directors first revealed and approved Caesars’ takeover offer to shareholders.
The bid was submitted on behalf of the larger Caesars company by the US operator’s special unit of “Caesars UK Bidco,” which is subject to shareholder and regulatory approval.
During Q4, Caesars UK Bidco started seeking state-by-state regulatory clearance from US regulatory authorities for the takeover.
William Hill announced this morning that ‘Caesars’ current expectation is to receive the remaining approvals needed from the Relevant US Gaming Authorities and the Relevant Other Gaming Authorities on or about March 23, 2021.
Final regulatory hearing
In light of the litigation, Caesars and William Hill have called a Scheme Court Hearing for March 30 as the final regulatory hearing to approve the takeover, guaranteeing the legal clarity of the acquisition.
William Hill plans to complete its authorised takeover on April 1 if Caesars Bidco passes all regulatory hurdles.
William Hill has informed the London Stock Exchange that it expects to delist its shareholding from the FTSE index on April 1, with the group cancelling all FTSE share trades by April 6. This is in anticipation for its US merger.
William Hill’s board of directors will issue a new scheme statement to customers, detailing the company’s Q1 schedule in depth.