Caesars’ acquisition of William Hill to be finalized on April 1st
Caesars has stated that it is expecting to complete its acquisition of William Hill on the 1st of April, after it presented a bid of £2.9 billion (or $4.03 billion) back in September of last year in an attempt to take over its whole share capital.
In November, the deal was agreed upon by the shareholders of William Hill. Now, Caesars will be acquiring William Hill’s 1.08 billion shares for a value of £2.72 per share. It has stated that it is planning on keeping the company’s US betting arm, however the rest of the company will be sold.
Earlier on, Caesars had mentioned that it is seeking to complete the takeover in Q2 of 2021, and it was revealed in an update that William Hill published on the 10th of March that this will most likely still be the case. William Hill also noted that by the 23rd of this month, all relevant documentation and approval from US gaming authorities and regulators will be received. The two parties have already arranged a Scheme Court Hearing on the 30th of this month, where the court will be sanctioning the procuring.
If the court approves of the agreement, and both sides fit all the other terms that are required, then the takeover will officially be done by the 1st of April. The shares will also be cancelled on the 6th of next month, since that is what the conditions state.
Prior to this, Apollo Global had also set an offer for the acquisition of William Hill, but it had already been decided upon that Caesars will be the one to acquire the company back in September of last year.