{"id":168999,"date":"2021-03-30T08:04:59","date_gmt":"2021-03-30T15:04:59","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=168999"},"modified":"2021-03-30T11:18:56","modified_gmt":"2021-03-30T18:18:56","slug":"gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/","title":{"rendered":"GWM Asset Management Says William Hill Short on Caesars Takeover Details"},"content":{"rendered":"

Another money manager is claiming William Hill (OTC:WIMHY) didn’t reveal enough information regarding Caesars Entertainment\u2019s (NASDAQ:CZR) proposed $3.69 billion acquisition of the sportsbook operator.<\/p>\n

\"William
People walk by the William Hill betting shop in the UK. Another investor is contesting the Caesars acquisition. (Image: NewsGroove UK<\/em>)<\/figcaption><\/figure>\n

GWM Asset Management will reportedly contest the deal. They argue on the basis that William Hill’s board of directors didn’t adequately inform investors on Caesars’ rights to scrap its US joint venture if another suitor attempted to acquire the operator.<\/p>\n

The Financial Times <\/i>reports it saw a copy of a letter sent by GWM to William Hill in which the hedge fund claims the target didn’t alert shareholders to \u201cpotentially material\u201d data. That data centers on Caesars’ ability to end the US partnership if William Hill accepted another buyout offer. A request for comment by Casino.org<\/i> to GWM was not returned prior to publication of this article.<\/p>\n

In the letter, the asset manager says that had the terms of the Caesars\/William Hill US agreement been properly disclosed, it may have voted differently on the takeover. It added that by not revealing that information, the target prevented a potential bidding war that could have resulted in a higher acquisition offer.<\/strong><\/p>\n

That assertion is rooted in some fact. Other buyers — namely private equity firm Apollo Global Management (NYSE:APO) — were circling William Hill<\/a>, and Caesars’ $3.69 billion offer is less than the $3.80 billion the older version of the Las Vegas-based casino giant bid for the sportsbook operator in 2019.<\/p>\n

For GWM, Time is of the Essence<\/h2>\n

The chorus of investors suddenly opposing Caesars’ takeover of William Hill is growing louder. Last week, alternative investment firm HBK Europe Management, LLP said it will contest the deal<\/a> on the same grounds mentioned by GWM.<\/p>\n

The two investors combine to own 11 percent of William Hill’s shares outstanding. That’s a meaningful number, but time isn’t on their side. The boards of both companies approved the transaction and the matter is heading to the UK Scheme Court tomorrow.<\/p>\n

Convincing the court and other investors to balk at the deal could prove tricky. That’s because Caesars was overt in saying<\/a> William Hill’s US arrangement with the casino operator would be terminated if it accepted another buyout offer.<\/p>\n

\n

What GWM and HBK are hanging their respective hats on is that Caesars was permitted to have a list of restricted buyers for William Hill. HBK previously noted the Harrah’s operator could place six names in that group and replace one every six months. The investor claims that revelation wasn’t publicized by William Hill until the day of the shareholders’ vote.<\/p>\n<\/div>\n

In the letter released last week, HBK specifically says Caesars directly moved to include Apollo on the restricted list.<\/p>\n

What’s Next for GWM<\/h2>\n

It’s not clear if other investors will join GWM and HBK in contesting the transaction. But the Financial Times <\/i>reports other hedge funds expressed concerns to William Hill’s board.<\/p>\n

Assuming the takeover ultimately goes through, Caesars creates an iGaming and sports betting juggernaut in the US, significantly increasing the operator\u2019s online footprint.<\/strong><\/p>\n

Additionally, the buyer is widely expected to rapidly auction off William Hill’s European unit — a move that’s likely to draw plenty of suitors<\/a>, perhaps including Apollo.<\/p>\n","protected":false},"excerpt":{"rendered":"

Another money manager is claiming William Hill (OTC:WIMHY) didn’t reveal enough information regarding Caesars Entertainment\u2019s (NASDAQ:CZR) proposed $3.69 billion acquisition of the sportsbook operator. GWM Asset Management will reportedly contest the deal. They argue on the basis that William Hill’s board of directors didn’t adequately inform investors on Caesars’ rights to scrap its US joint […]<\/p>\n","protected":false},"author":46,"featured_media":169000,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[],"acf":[],"yoast_head":"\nGWM Joins List of Investors Contesting Caesars William Hill Takeover<\/title>\n<meta name=\"description\" content=\"Caesars William Hill takeover is causing controversy among some investors as GWM says it will contest deal.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GWM Joins List of Investors Contesting Caesars William Hill Takeover\" \/>\n<meta property=\"og:description\" content=\"Caesars William Hill takeover is causing controversy among some investors as GWM says it will contest deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-30T15:04:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-30T18:18:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/WH.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/\",\"url\":\"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/\",\"name\":\"GWM Joins List of Investors Contesting Caesars William Hill Takeover\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/WH.jpg\",\"datePublished\":\"2021-03-30T15:04:59+00:00\",\"dateModified\":\"2021-03-30T18:18:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Caesars William Hill takeover is causing controversy among some investors as GWM says it will contest deal.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/WH.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/WH.jpg\",\"width\":1200,\"height\":800,\"caption\":\"A William Hill betting shop in the UK. Another investor is contesting the Caesars acquisition. (Image: NewsGroove UK)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"GWM Asset Management Says William Hill Short on Caesars Takeover Details\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"GWM Joins List of Investors Contesting Caesars William Hill Takeover","description":"Caesars William Hill takeover is causing controversy among some investors as GWM says it will contest deal.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"GWM Joins List of Investors Contesting Caesars William Hill Takeover","og_description":"Caesars William Hill takeover is causing controversy among some investors as GWM says it will contest deal.","og_url":"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2021-03-30T15:04:59+00:00","article_modified_time":"2021-03-30T18:18:56+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/WH.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/","url":"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/","name":"GWM Joins List of Investors Contesting Caesars William Hill Takeover","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/WH.jpg","datePublished":"2021-03-30T15:04:59+00:00","dateModified":"2021-03-30T18:18:56+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Caesars William Hill takeover is causing controversy among some investors as GWM says it will contest deal.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/WH.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/WH.jpg","width":1200,"height":800,"caption":"A William Hill betting shop in the UK. Another investor is contesting the Caesars acquisition. (Image: NewsGroove UK)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/gwm-joins-list-of-investors-contesting-caesars-william-hill-takeover\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"GWM Asset Management Says William Hill Short on Caesars Takeover Details"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/168999"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=168999"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/168999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/169000"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=168999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=168999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=168999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}