Economy

William Hill Backs Off Opposition To Scientific Games' Acquisition Of NYX

William Hill Backs Off Opposition To Scientific Games' Acquisition Of NYX”

The deal, announced late on Wednesday, calls for William Hill to withdraw from legal and corporate actions taken against NYX Gaming (in which William Hill now owns a large minority stake) in both the United States and the United Kingdom. William Hill, which had raised objections to the buyout and threatened to block it with its 32 per cent stake, will now support Scientific Games's bid. This move has been made in order to put an end to the debate between the two companies which has been going on for quite some time now.

Legal action relating to Scientific Games Corp's attempted takeover of NYX has now ceased.

However, this September brought a controversial situation which involved a third company.

Scientific Games has also agreed to acquire William Hill's ordinary shares and convertible preference shares in NYX, with William Hill receiving C$2.40 per share for the 6.8 million ordinary shares it owns in and approximately £87m for its convertible preference shares. With the new agreement among the parties comes the arrangement that all legal actions are put to rest and the companies are going to work together towards the ultimate goal. William Hill had announced the intention to convert its preference shares before the meeting to vote on the deal.

As for the cost of them, each will be sold at C$2.40, while the convertible preference shares will be purchased for as much as £87 million.

"We are pleased to expand our commercial relationship with Scientific Games in the USA market, which offers considerable potential should the Supreme Court ruling ... which is expected next year, provide states with the power to regulate sports betting", said William Hill CEO Philip Bowcock.

Putting aside their differences, Scientific Games and William Hill will also expand their commercial relationship, ready for a Supreme Court ruling in 2018 which could allow U.S. states to regulate sports betting.

The Supreme Court is set to rule next year on whether the 1992 Professional and Amateur Sports Protection Act ("PASPA") impermissibly directed states to keep bans in place.

If the Supreme Court were to declare PASPA unconstitutional in their decision which is expected before June next year then individual states would effectively have the power to regulate sports betting in the future.



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