888 shareholders are set to vote on 16 May to approve the business’ acquisition of William Hill’s non-US assets from Caesars.
As the William Hill assets are larger than the current 888 business, the merger – agreed in September 2021 – is considered a reverse takeover, and so must be approved by shareholders of 888. In a prospectus to shareholders, 888’s board outlined why it backed the deal, and provided more information about both William Hill and the effect of the Gambling Act review on the combined business.
Shareholders will meet at 10:00 am on 16 May in London to consider the deal. Those who cannot attend in person may apply for a proxy vote by 11 May.
The prospectus comes less than a month after 888 and Caesars agreed to reduce the purchase price to acquire the assets by £250m (€297.9m/$315.0m), with the cash portion of the deal now set at £584.9m instead of £834.9m.
This, it said, was due to a “change in the macro-economic and regulatory environment”. Most notably, it said t..