(Alliance News) - William Hill PLC on Wednesday said it expects to get approvals from regulators by March 23 for its GBP2.9 billion takeover by US gambling resorts operator Caesars Entertainment Inc.
The takeover of the FTSE 250-listed bookmaker was first announced back in September, with Caesars set to pay 272 pence for each William Hill share under the terms of the deal.
Shares in William Hill were up 0.2% at 271.50p in London on Wednesday, giving it a market capitalisation of GBP2.85 billion.
Back in January, Caesars said it expected the acquisition to complete in the second quarter of 2021 and "possibly as early" as March 2021.
If the remaining approvals are received from US gaming authorities and the scheme is sanctioned by the court at a hearing on March 30, William Hill said it expects takeover completion to be on April 1. William Hill's London share listing then would be cancelled on April 6.
"The William Hill board believes this is the best option for William Hill at an attractive price for shareholders. It recognises the significant progress the William Hill group has made over the last 18 months, as well as the risk and significant investment required to maximise the US opportunity given intense competition in the US and the potential for regulatory disruption in the UK and Europe," said Chair Roger Devlin back in September.
By Zoe Wickens; zoewickens@alliancenews.com
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