William Hill plc have this afternoon published on their corporate website the scheme document, which sets out the offer received for the company by the US casino giant Caesars Entertainment.
As we reported back on 30th September, William Hill are the subject of a £2.9bn offer by Caesars, which the board of directors of the UK bookmaker are recommending that shareholders accept, valuing each share in the company at the price of 272 pence per share.
Chairman of the William Hill plc board Roger Devlin, has subsequently written to all shareholders of the company, stressing the fact that by accepting the offer from Caesars Entertainment, it provides the company with the springboard needed to continue its expansion in the lucrative regulated US marketplace.
Shareholders will vote on whether to accept Caesars Entertainment offer on the 17th November next month, which will require approval from 75%. In the letter sent out to investors, Devlin stated: “The William Hill directors consider that the terms of the acquisition are in the best interests of William Hill shareholders as a whole.”
He also went on to say that the value of the offer recognises the significant progress the company had made over the past 18 months.