United Kingdom: William Hill gets court approval for $4B takeover by Caesars

United Kingdom: William Hill gets court approval for $4B takeover by Caesars

Article brief provided by Reuters
  • Pushkala Aripaka and Yadarisa Shabong, Reuters
April 20, 2021 8:11 PM
  • Pushkala Aripaka and Yadarisa Shabong, Reuters

Bookmaker William Hill moved closer to being taken over by Caesars Entertainment on Tuesday, saying it had gained approval in a British court for the 2.9 billion pound ($4 billion) deal, which was opposed by minority shareholder HBK.

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William Hill shares fell more than 2% to 271.9 pence at 1208 GMT after the bookmaker said in a statement that the so-called scheme of arrangement for the deal was likely to become effective on Thursday after it was permitted by the court.

This approval followed a hearing last month, William Hill, which operates around 1,400 betting shops in Britain, added.

HBK had opposed the scheme of arrangement for the deal, which was agreed in September with Las Vegas-based casino operator Caesars, saying the terms of an existing joint venture between the two firms were not adequately disclosed.