Scientific Games Corporation (SGC) has released a statement, detailing that it will move to acquire William Hill's entire 6.8 million "ordinary shares and convertibles" holding in acquisition target NYX Gaming Group.
William Hill has settled a dispute with NYX, a Toronto-listed gaming software company in which the bookmaker owns a stake.
All parties have confirmed that they will enter a new technology agreement, following the settlement shares, with all legal proceedings terminated.
In a sudden change of heart, William Hill has now announced its support for the Scientific Games-NYX acquisition deal that it had previously sought to stop. NYX accused William Hill of making extortionate demands, including asking it to promise not to compete with William Hill in the US.
Analysts at Investec said William Hill had made a return of 7% on its investment in NYX in 20 months though most of the gain was due to the Canadian dollar's rise against the pound over that time.
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The deal means Scientific Games, which is listed in NY, will buy William Hill's ordinary and convertible shares in NYX, netting the bookie an estimated £96.5m.
William Hill responded that it was trying to protect its commercial relationship with Open Bet, and wanted to sign a fresh agreement with Scientific Games, which is backed by the USA billionaire Ron Perelman.
Putting aside their differences, Scientific Games and William Hill will also expand their commercial relationship, ready for a Supreme Court ruling in 2018 which could allow USA states to regulate sports betting.
He recommended that other shareholders in NYX support that takeover bid.
"We are pleased to expand our commercial relationship with Scientific Games in the USA market, which offers considerable potential should the Supreme Court ruling ... which is expected next year, provide states with the power to regulate sports betting", said William Hill CEO Philip Bowcock.
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