The Flamingo operator has long been in a prime position to acquire William Hill. Eldorado Resorts, the company that acquired \u201cold Caesars,\u201d owns part of the UK-based company and had an agreement with the firm that transferred to any casinos Eldorado purchased.<\/p>\n
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Still, some market observers argued last year that Caesars’ $3.69 billion bid undervalues William Hill. It’s less than a prior offer old Caesars made for the company, and with some analysts saying the sportsbook operator’s European unit is worth at least $2 billion, there may be something to the thesis.<\/p>\n<\/div>\n
For its part, HBK believes poison pill provisions were weaponized against William Hill — a rarity in deals involving UK businesses.<\/p>\n
\u201cIt is a rare occurrence indeed to see a ‘poison-pill’ actually being utilized against a UK company,\u201d said the investor. \u201cAs such, UK shareholders, who are unaccustomed to such mechanisms, deserved and required a fuller explanation of the Restricted Acquirers list and its limitations in order to properly assess how to vote.\u201d<\/strong><\/p>\nHBK is urging William Hill investors to write to the company and the Scheme Court if they believe greater detail on the restricted buyers’ list would have affected their votes.<\/p>\n","protected":false},"excerpt":{"rendered":"
Alternative investment firm HBK Europe Management, LLP plans to contest Caesars Entertainment’s (NASDAQ:CZR) proposed $3.69 billion takeover of William Hill (OTC:WIMHY). They will do so on the basis that vital information wasn’t fully disclosed to investors in the British bookmaker. The Las Vegas-based gaming company made its offer for the sportsbook operator last September, and […]<\/p>\n","protected":false},"author":46,"featured_media":168106,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[],"acf":[],"yoast_head":"\n
HBK Europe Will Argue Against Caesars Takeover of William Hill<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n