The seemingly never-ending drama revolving around William Hill and Scientific Games might have finally approached its final stage, as it was recently announced that Scientific Games has given the nod to purchase the entire holding of the UK-based bookmaker in NYX.
Gibraltar-registered entity William Hill Steeplechase had said in a November 8 statement that the William Hill group controlled certain ordinary shares of NYX Gaming and convertible preference shares in a NYX Gaming subsidiary that would in aggregate give William Hill 31.9 percent of the NYX Gaming group's ordinary shares.
William Hill, which had raised objections to the buyout and threatened to block it with its 32% stake in the company, will now support Scientific Games' bid. That gave the Hills threat at least the air of plausibility.
Legal action relating to Scientific Games Corp's attempted takeover of NYX has now ceased.
London-listed bookie William Hill has settled a dispute over Canadian gambling firm NYX, clearing the way for an American company to swoop in.
It is not readily apparent that William Hill was able to extract any premium in exchange for dropping its opposition.
But now the two warring factions have put their legal wrangling to bed with Scientific agreeing to acquire William Hill's stake in NYX, which consists of 6.8m ordinary shares worth CAD$16.3m and £87m of convertible preference shares. Philip Bowcock is the Chief Executive Officer of William Hill, and he stated that the arrangements are providing security to the technology roadmap of the company as well as the future relationship with NYX. The decision also received the full support of United States billionaire Ron Perelman and as it was confirmed, it will mean that Scientific Games will purchase William Hill's ordinary shares in NYX. Additionally we are pleased to expand our commercial relationship with Scientific Games in the USA 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. Earlier this week, the US Supreme Court held oral hearings on the US state of New Jersey's challenge to PASPA, and even if that effort fails, PASPA's days appear numbered. It offers sports betting products online, by telephone and via mobile devices.
All that puts NYX in a position that appears rosier by the day.
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