British gambling operator William Hill announced today that it has received all the necessary approvals from competition authorities to acquire online gaming and gambling company Mr Green & co AB (MRG) to get SEK2.8 billion (approximately £242 million).
MRG now has up until January 17, 2019 to take the recommended cash offer, William Hill further pointed out at a statement from before now.
The significant British gambling company made the takeover bid in October 2018. It announced back then that it was wanting to buy its fellow gambling operator at a £242-million deal that has been advocated by William Hill shareholders. The business plans to pay in money for MRG’s shares.
Now as William Hill has obtained approvals from the competition authorities in all essential jurisdictions, the trade is “no more conditional upon any approvals from authorities,” the British operator stated in now ’s announcement.
As mentioned before, the final date for its offer to be accepted is January 17. William Hill said today that it will announce on or around January 21 if the conditions of the offer have been fulfilled and if they have been, settlement is anticipated to begin on or about January 25.
Reducing UK Impact
William Hill cited a number of reasons why it’s determined to approach MRG using a takeover offer, but its effort to decrease its exposure to the UK gambling market is definitely one of the most important ones.
In its domestic market, William Hill, along with other businesses with retail gambling operations, are facing a clampdown on the exceptionally profitable FOBTs sector. The united kingdom government is set to execute this spring a massive reduction on the maximum bet accepted by the contentious devices from £100 to just £two . William Hill is the second biggest operator of FOBTs from the country and the looming crackdown is going to have a severe impact on its business.
The British bookmaker also attempts to strengthen its online gambling business since the UK government has introduced a 6 percent increase of the 15% remote gambling duty compensated by locally licensed businesses. In fact, the operator, that has a wealthy retail gambling heritage, has been on the lookout for a proper digital partner to help it enhance its online operations.
William Hill also stated last year that the acquisition of MRG, that is based in Malta, will help the company secure a ready-made base in the European Union from the post-Brexit era. The British operator’s company is currently run from Gibraltar.
All these are to be achieved progressively and also their entire delivery is expected from the third year after the conclusion of this trade.
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