The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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The two top executives at William Hill will collect retention bonuses totalling up to £2.1 million after the £2.9 billion takeover by Caesars Entertainment if they stay on until the non-core assets are sold.
The potential payouts were revealed yesterday as Caesars and William Hill announced that the bid by the American company had been recommended by the British group’s board. Including debt, the offer values William Hill at about £3.25 billion.
Ulrik Bengtsson, 48, who was appointed the bookmaker’s chief executive a year ago, and Matt Ashley, 46, its chief financial officer, will be entitled to cash payments from Caesars equivalent to 200 per cent of their salaries.
Thursday October 01 2020, 12.00am, The Times
282.70 it’s getting close for me because no offer from Apollo and that will b 272 by end of tomorrow
And I would stake my life that they are set up in the uk side of wmh and written in to any deals when they sell off the uk side you can b sure of that
No details on that. UB and MA get 100% of salary on delisting. a further 100% if they stick around for 6 months.
nice work if you can get it.
Does it say anywhere after they get the bonuses, are they offered a job on the board or elsewhere within Caesars.
Its all public information.
7. Caesars agrees to implement retention arrangements for the executive directors of
William Hill on the following terms. Subject to and conditional on completion of the
Acquisition and William Hill being delisted from the London Stock Exchange, Caesars
shall pay each individual who is an executive director of William Hill as at the date of this
Agreement cash amounts as follows:
(A) a payment equal to 100 per cent. of his base annual salary (less any legally
required deductions), payable within 30 days of the Effective Date or, if later, the
day following the date on which William Hill is de-listed from the London Stock
Exchange; and
(B) provided that the relevant individual has discharged his duties satisfactorily to the
payment date (as determined by the members of the Remuneration Committee
of William Hill, as constituted before the Effective Date, acting reasonably), a
payment equal to 100 per cent. of his base annual salary (less any legally
required deductions), payable within 30 days of the earlier of (i) completion of the
sale by the Caesars Group of all or substantially all of William Hill’s non-US
business; and (ii) six months following the Effective Date