William Hill has announced a recommended public cash offer to the shareholders of Mr Green & Co AB to tender all shares in online casino group MRG. From an affiliate perspective, such a takeover deal means there is less competition for customers.
A William Hill press release explained how the offer has been accepted to such extent that William Hill, following completion, will hold approximately 92% of the shares and votes in MRG. Hills extends the acceptance period for the offer to and including 31 January 2019, to allow for remaining shareholders to accept the Offer based on this new information.”
Trading statement in-line with ‘adjusted 2018 corporate guidance’
The news comes as William Hill announced that its pre-close 2018 trading statement will be in-line with its previously announced ‘adjusted 2018 corporate guidance’.
William Hill expects to declare operating profits of £234 million, in line with the adjusted profit range £225-245 million which was announced last November.
Despite the setbacks, the firm has branded 2018 as a transformative year, in which its digital division delivered solid underlying growth, with the betting group significantly expanding its US market profile, becoming active within seven states.
Updating investors, CEO Philip Bowcock commented: “2018 was a pivotal year for both William Hill and the wider industry. We now have greater clarity around the key challenges and opportunities for our business.
“In 2019 we’ll remodel our Retail offer while building a digitally-led international business, underpinned by a sustainable approach as part of our Nobody Harmed ambition. With rapid expansion underway in the US, building on profitable foundations, and the acquisition of Mr Green nearing completion, we look forward to making further progress this year.”
