William Hill PLC (LON:WMH) today announced that it has reached agreement with Scientific Games Corporation (NASDAQ: SGMS) to unconditionally support Scientific Games’ proposed acquisition of NYX (CVE:NYX). Following the agreement all the parties have withdrawn from all litigation in the US and UK.
In connection with the proposed acquisition Scientific Games has agreed to acquire William Hill’s ordinary shares and convertible preference shares in NYX with William Hill receiving CAN$2.40 a share for the 6.8 million ordinary shares it owns in NYX and circa £87m for its convertible preference shares.
Commenting on the announcement William Hill CEO Philip Bowcock said: “These agreements safeguard William Hill’s technology roadmap and relationship with NYX and end all legal action between the parties. Additionally we are pleased to expand our commercial relationship with Scientific Games in the US market which offers considerable potential should the Supreme Court ruling on PASPA, which is expected next year, provide states with the power to regulate sports betting. We will unconditionally support Scientific Games in their acquisition of NYX and we have no hesitation in recommending other shareholders to do the same.”
