In September 2020, Caesars lodged a bid worth £2.9bn (€3.39bn/$4.03bn) to acquire the entire issued and to-be issued share capital of William Hill that it does not already own.
The agreement, which was approved by William Hill shareholders in November, will see Caesars purchase William Hill’s 1.08bn shares for £2.72 each. Caesars said it plans to retain William Hill’s US betting arm, with the rest of the business set to be sold.
Caesars had previously said it had hoped to complete the acquisition during the second quarter of 2021, and an update published today (10 March) by William Hill suggests this timetable is on track.
William Hill said Caesars expects any remaining approvals to be obtained from the relevant US gaming authorities and other gambling regulators on or about 23 March.
In anticipation, Caesars and William Hill have scheduled a Scheme Court Hearing, at which the court will be asked to sanction the acquisition. The hearing will take place on 30 March.
Should the court approve the deal, and Caesars and William Hill satisfy all other required conditions, then the acquisition is expected to complete on 1 April. William Hill’s shares would then be cancelled on 6 April, in line with the terms of the deal.
Apollo Global had also put forward an offer to acquire William Hill, but the bookmaker’s board unanimously agreed to approve the Caesars deal in September.
The acquisition follows Caesars’ acquisition by Eldorado Resorts in a $17.3bn reverse-merger deal, putting 55 casinos under the operator’s control.