Sportingbet shareholders approve WilliamHill deal
Note: GVC Holdings acquisition has been approved.
Sportingbet's shareholders have signed off on the joint deal between William Hill (SBR rating A) and GVC Holdings to take control of multiple Sportingbet businesses. William Hill will take over Sportingbet's Australian business as well as their Spanish facing brand Miapuesta. GVC will take over other South American markets.
On December 28th, Sportsbook Review reported that Playtech squabbled over the deal, releasing the following statement: "Under the terms of the shareholders' agreement relating to William Hill Online, William Hill is bound to conduct its remote gambling business through the William Hill Online business, in which Playtech is a 29% shareholder. Therefore, if the William Hill/GVC offer is completed, William Hill will be obliged to offer to sell the remote gambling activities of Sportingbet acquired by it to William Hill Online within six months of completion of their acquisition, and Playtech has the right, in its absolute discretion, to determine whether William Hill Online proceeds with the acquisition of the Sportingbet activities."
William Hill released a fiery statement shortly after: "Playtech have no rights to a business that is not part of William Hill Online and therefore this has absolutely no effect on any valuation of William Hill Online.".
Playtech has yet to publicly comment on the Sportingbet shareholder approval of the deal.
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