William Hill’s £2.9bn sale to American casino giant Caesars hangs in balance after decision about whether deal should be finalised is delayed
The £2.9billion sale of William Hill to American casino giant Caesars hangs in the balance after a decision about whether the deal should be finalised was delayed until next week.
Last week, the bookmaker said a judgment ‘is awaited’ on whether the takeover should be completed following a court hearing.
Signing off?: The latest dramatic twist comes after two powerful US hedge funds objected to the board’s decision to recommend investors vote to approve Caesars’ offer
Typically, a judge makes a decision to approve a scheme of arrangement – a procedure to complete a takeover of a publicly listed company – on the day of the court hearing.
The latest dramatic twist comes after two powerful US hedge funds objected to the board’s decision to recommend investors vote to approve Caesars’ offer.
GWM Asset Management and HBK Capital Management, which between them own around 11 per cent of William Hill, both wrote to the board arguing that shareholders did not have enough information to approve the £2.9billion takeover by Caesars when it was voted on in November.