(Alliance News) - William Hill PLC on Thursday said the scheme court hearing to sanction its takeover by Caesars Entertainment Inc has been postponed by one day
Alternative investment management fund HBK Investments LP has indicated it intends to contest the scheme.
"HBK has suggested that the description in the scheme document of a provision of the US joint venture agreement between William Hill and Caesars, under which Caesars is able to add or substitute names to a list of "Restricted Acquirers" of William Hill, should have more specifically described the applicable time periods within which such additions or substitutions could be made," William Hill explained, adding that the board "firmly rejects" HBK's suggestion.
William Hill noted that just under 87% of the votes cast by shareholders at the court meeting were in favour of the scheme.
"The board continues to believe that the cash offer by Caesars is in the best interests of all shareholders and, having taken advice from its legal advisers and leading counsel, remains confident that the court will sanction the scheme at the scheme court hearing," the company said.
The court hearing has been postponed by one day to March 31 in order to allow the court time to hear and consider HBK's representations.
Shares in William Hill were up 0.3% at 272.10 pence in London on Thursday.
By Lucy Heming; lucyheming@alliancenews.com
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