Reading Time: < 1 minute

 

William Hill has said that its £2.9bn takeover by Caesars Entertainment had been cleared by a UK court despite shareholder protests.

The bumper merger had been held up by a court hearing after minority shareholder HBK Capital Management raised concerns about disclosures relating to the deal.

HBK and fellow US hedge fund GWM Asset Management both wrote to the board arguing that the terms of the joint venture were not properly disclosed by William Hill last year.

The court process was delayed for almost three weeks, but in the latest statement, the bookmaker said the deal had been sanctioned by the court.

The deal, which was agreed in September, highlights efforts to cash in on the burgeoning US betting market amid a relaxation of regulations.

“The opportunity to combine our land based-casinos, sports betting and online gaming in the US is a truly exciting prospect,” Tom Reeg, chief executive of Caesars, said.

“William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to better serve our customers in the fast growing US sports betting and online market.”

Powered by WPeMatico