William Hill Plc has issued an update on the ‘timetable and conditions’ regarding its $3.6 billion takeover by US strategic partner Caesars Entertainment.
Caesars takeover bid was first disclosed and recommended by William Hill’s board to shareholders on 30 September 2020.
Subject to shareholder and regulatory approval, Caesars $3.6 billion bid was put forward by the US operator’s special unit of ‘Caesars UK Bidco’ carrying the transaction on behalf of the wider Caesars group.
During Q4, Caesars UK Bidco began to pursue the state-by-state regulatory approval of the takeover by US regulatory authorities.
This morning, William Hill disclosed that Caesars current expectation is that the ‘remaining approvals required to be obtained from the Relevant US Gaming Authorities and the Relevant Other Gaming Authorities will be obtained on or about 23 March 2021’.
In light of proceedings, Caesars and William Hill have established a Scheme Court Hearing to take place on 30 March as the final regulatory hearing to sanction the takeover, ensuring the deal’s legal certainty.
Should Caesars Bidco clear all regulatory hurdles, William Hill anticipates completing its approved takeover on Thursday 1 April.
Preparing for its US merger, William Hill has alerted the London Stock Exchange that it plans to delist its shareholding from the FTSE index on 1 April (7:30 AM), with the company cancelling all FTSE share transactions by 6 April.
The board of William Hill will publish a new scheme document to investors, providing full details of its takeover timetable and further regulatory proceedings.