Caesars Entertainment has confirmed it has cleared the antitrust waiting period for its potential multi-billion pound takeover of William Hill.
The company confirmed the early termination of the waiting period under the terms of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, a period of time when mergers and acquisitions are examined for potential anti-competitive conflicts.
In a statement from the Nevada-based casino operator, the company said: “Caesars continues to progress through obtaining all necessary regulatory approvals required to close the transaction and is still aiming to complete the proposed combination in March 2021.”
Furthermore, the proposed combination also received approvals from the Mississippi Gaming Commission on November 19 and the West Virginia Lottery on December 16.
The transaction remains subject to remaining conditions, such as the approval by the Indiana Gaming Commission, Nevada Gaming Control Board, Nevada Gaming Commission, New Jersey Division of Gaming Enforcement and Casino Control Commission, and the Pennsylvania Gaming Control Board. Additionally, the combination requires the English High Court’s final approval and administrative and post-closing approvals from other US agencies.
This comes just over a month after William Hill shareholders voted to approve the Caesars takeover, dubbed as a ‘historic acquisition’.
William Hill shareholders have approved the recommended 272p cash offer from Caesars by the requisite majorities, subject to the satisfaction of the remaining outstanding regulatory conditions and final approval of the English Court.
Each of the resolutions relating to the £2.9bn transaction were approved by the requisite majority of shareholders, with over 86 per cent of the votes cast at the meetings in favour of the deal.
