William Hill shareholders approve Caesars takeover bid

81.3 per cent of the British bookmaker’s shareholders have voted in favour of the acquisition by the US casino giant.

UK.- A majority of shareholders in British bookmaker William Hill have voted in favour of US casino giant Caesars Entertainment’s takeover bid. 

In total, 81.3 per cent (1,251 shareholders accounting for 86.6 per cent of shares) voted in favour of the £2.9bn deal, which needed a majority in favour to go ahead.

William Hill’s board had recommended that shareholders accept the offer.

Caesars chief executive Tom Reed said: “We are pleased to have received William Hill shareholder support for our recommended cash offer. 

“We continue to work towards satisfying the remaining regulatory conditions and look forward to completing the transaction next year and integrating William Hill US into our Caesars sports betting and igaming franchise.”

Caesars will purchase William Hill’s 1.08bn shares at a price of £2.72 each.

It’s making the purchase to gain William Hill’s US betting operations and is expected to sell its European retail betting business, for which several potential buyers have emerged.

Caesars expects to obtain all regulatory approvals by the second quarter of 2021 and believes its expanded operations could bring in up to $700m in net revenue in the next fiscal year.

It has already received approval from Austrian competition authorities.

It’s the second major takeover involving Caesars this year, following the reverse merger through which Eldorado Resorts purchased the company for $17.3bn.