HBK Investments to challenge Caesars’ William Hill deal
HBK Investments will reportedly be challenging the deal set between William Hill and Caesars. Because of this new development, the date of the Scheme Court Hearing, that will be completing the agreement, has been postponed by one day to March the 31st.
Earlier in March, Caesars said that it would be taking over the US operator William Hill through a new deal that was valued at £2.9 billion (or $4.03 billion). This was set to be completed by April the 1st, however HBK has now specified that the details in the document offering details of the agreement, must be described more in-depth that it actually was.
The board of William Hill is quite opposed to the proposal set forth by HBK, and is still assured that the current agreement will be progressing as usual. It also mentioned that about 86% of the William Hill shareholders all voted in favour of this agreement.
Through this new agreement, Caesars will be acquiring William Hill’s 1.08 billion shares for a value of £2.72 per share. The firm will most likely be jettisoning all of the businesses of William Hill after the acquisition except for the US business.