Caesars acquisition of William Hill to be finalized on April 22
The acquisition of William Hill by Caesars Entertainment will be coming to a close this Thursday, April 22nd, as the High Court of Justice has sanctioned the takeover.
The agreement was initially agreed upon back in September of last year, when William Hill decided to go for the £2.9 billion bid set forth by Caesars over the second bid presented by Apollo Global. Caesars will be buying the British operator’s 1.08bn shares for £2.72 per share. Caesars has stated that the goal of this takeover was to acquire William Hill’s betting business in the United States, along with the remainder of its assets.
Even though the deal was supposed to close on the first on this month, there were some issues with HBK Investments, who stated that the shareholders were not accurately informed on the details of this agreement. The fund also underlined its concern over William Hill’s 2019 joint venture deal with Eldorado Resorts, which later became Caesars.
The investment fund further argues that Caesars ability to limit the amount of counter bidders under the terms of the deal was much more limited than was the documents proposed. And even though the court hearing to approve the agreement was set to take place on the 31st of last month, the funds objection meant that it got postponed.
Despite that, after the approval of the High Court, the deal will most likely be going ahead and moving forward this week.