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William Hill confirms Scheme Court Hearing date
StockMarketWire.com
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William Hill has confirmed that the Scheme Court Hearing, at which the Court would be asked to sanction the Scheme, has been scheduled for March 30, 2021.
HBK Investments, an alternative investment management fund, has indicated that it intends to contest the Scheme, suggesting 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.
The board of William Hill firmly rejects this suggestion and is confident that the disclosure contained in the Scheme Document provided all necessary information to enable shareholders to make an informed decision on how to vote in relation to the Scheme.
The Board notes that 86.64% of the votes cast by shareholders at the Court Meeting were in favour of the Scheme reflecting its recommendation. That recommendation followed an unsolicited approach from Apollo, after which William Hill began discussions with a number of potentially interested parties, and several rounds of negotiations with Caesars regarding the terms of a potential Acquisition.
It also 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, and remains confident that the Court will sanction the Scheme at the Scheme Court Hearing.
Story provided by StockMarketWire.com
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