Fred Done primed to approve Caesars’ takeover of William Hill

Betfred owner Fred Done is expected to back the £2.9bn acquisition of William Hill by Caesars Entertainment in a shareholder vote on the deal taking place later this week.

The Telegraph reports that Done, the largest private shareholder in Hills with a 6% share, will vote to approve the acquisition, with the offer having already been recommended by William Hill’s board of directors.

The broadsheet claims Done had been “considering all options” in respect of the deal, having previously been linked as a potential rival bidder to Caesars.

One potential reason for this change of heart could be the prospect of acquiring William Hill’s non-US assets at a later date, which Caesars is planning to dispose of once the takeover completes.

Hills’ international assets, which include the bookmaker’s UK retail portfolio, the former Mr Green business and William Hill International, have drawn many prospective admirers since Caesars plan was revealed.

Private equity funds CVC Partners, Apax Partners and Apollo Global Management are expected to battle it out for the international business, although operators 888 and GVC could be interested if a purchase represents value for shareholders.

However, any deal will have to wait until H2 2021 at the earliest, when the Caesars takeover is expected to complete.

Hills’ other largest shareholders are US-based hedge fund managers HG Vora and international firms Artemis Investment Management, Silchester International Investors and M&G.

HG Vora, which bought a 5% stake in William Hill in September for £115m, also holds shares in Caesars having purchased a 5% stake two years ago.

Investment houses Artemis, Silchester and M&G have not expressed their views on the deal.

The shareholder vote takes place at William Hill’s London headquarters on Thursday 19 November.