SBC News William Hill signals intentions to convert NYX shares

William Hill signals intentions to convert NYX shares

William Hill has issued a corporate update with regards to the conversion of its preference shares becoming ordinary NYX shares prior to 4 December, in order to enable William Hill to vote in the proposed acquisition of NYX by Scientific Games Corporation.

The announcement follows on from lengthy negotiations between William Hill and Scientific Games over a potential commercial agreement that could follow the purchase of NYX. To require William Hill to vote for the deal, the betting operator has underlined the importance of numerous conditions, including rights to a copy of NYX source code and certain anti-competitive arrangements in US jurisdictions.

William Hill has also raised concerns about the deal and has revealed that ahead of the proposed acquisition it “is considering its options,” emphasising that if the two are unable to reach an agreement, it will move to block the deal between Scientific Games and NYX.

Should the deal come to fruition, Scientific Games will offer shareholders 112% growth, by paying  C$2.40 per ordinary share of NYX in cash. For William Hill, opting to convert shares into ordinary shares, would lead to a loss of approximately C$49.7 million.

Utilising the advice of its financial and legal advisers has outlined its priority to continue to work in the best interests of its shareholders, whilst securing the acquisition is best suited to security and fairness for NYX.

This latest story in the case follows on from Scientific Games confirming that it will sanction a private offering of $350 million senior secured notes due for reimbursement in 2025 in order to fund the bid, that would be made up of both cash and debt.

Should the deal be concluded, it will result in Scientific Games boasting one of the most expansive industry digital services portfolios, given that NYX currently provides content to William Hill, Betsson, bet365, Caesars Interactive and others.  

 

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