William Hill settles NYX dispute with Scientific Games

Willliam Hill will now support Scientific Games's bid

Willliam Hill will now support Scientific Games's bid

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.

Scientific Games also announced that it has entered into a new commercial arrangement with William Hill.

The takeover of online sports betting specialist NYX Gaming Group Ltd by casino equipment and lottery services provider Scientific Games Corp is closer to be successful after the parties announced fresh support for the deal, including from British betting brand William Hill. NYX accused William Hill of making extortionate demands, including asking it to promise not to compete with William Hill in the US.

In its statement SGC governance has agreed to acquire William Hill's complete options in NYX, detailing CAD $2.40 per share for the 6.8 million ordinary shares and circa £87 million for its convertible "preference shares".

Shares in William hill were up more than three per cent this morning.

"We will unconditionally support Scientific Games in their acquisition of NYX and we have no hesitation in recommending other shareholders to do the same".

Commenting on the announcement, William Hill CEO Philip Bowcock said: "These agreements safeguard William Hill's technology roadmap and relationship with NYX and end all legal action between the parties". William Hill said it had agreed to expand its relationship with Scientific Games ready for a Supreme Court ruling expected in 2018 that could allow U.S. states to regulate sports betting. "We see the [agreement] as very good news for WMH, and continue to see upside for the shares", they said.