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William Hill shareholders approve Caesars takeover
19th Nov 2020 14:07
(Sharecast News) - William Hill shareholders have voted resoundingly in favour of the company's £2.9bn takeover by Caesars Entertainment.
At a meeting on Thursday 86.6% of shareholder votes were cast in favour of the scheme of arrangement for the cash purchase and 87.1% voted for the scheme's implementation. A 75% vote in favour was needed in both cases to approve the deal.
William Hill recommended Caesars' offer on 30 September so that the enlarged group could cash in on the expanding sports betting market. The Las Vegas-based casino operator saw off competition from private equity group Apollo to buy the UK gambling company.
Caesars is buying William Hill to seize its US betting operations and plans to sell the rest of the business including William Hill's chain of bookmakers. Caesars and William Hill said they expected competition and regulatory approvals to be completed in the second quarter of 2021 and possibly as early as the end of March.
At a meeting on Thursday 86.6% of shareholder votes were cast in favour of the scheme of arrangement for the cash purchase and 87.1% voted for the scheme's implementation. A 75% vote in favour was needed in both cases to approve the deal.
William Hill recommended Caesars' offer on 30 September so that the enlarged group could cash in on the expanding sports betting market. The Las Vegas-based casino operator saw off competition from private equity group Apollo to buy the UK gambling company.
Caesars is buying William Hill to seize its US betting operations and plans to sell the rest of the business including William Hill's chain of bookmakers. Caesars and William Hill said they expected competition and regulatory approvals to be completed in the second quarter of 2021 and possibly as early as the end of March.