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AMICABLE RESOLUTION FOR WILL HILL AND PLAYTECH
Written On 5/13/11 By Recentpoker.com staff writer Frank Polliern :
Greater flexibility will allow further commercial opportunities
Bookmaker William Hill PLC and Playtech Limited have reached an amicable resolution in their dispute over Playtech’s interest in William Hill Online (WHO).
An injunction was secured by William Hill in February this year to ensure that its legal rights under the William Hill Online joint venture agreements were maintained amid rumours that Playtech was in talks with rival bookmaker, Ladbrokes.
The agreement will see both parties applying for the injunction to be discharged and contains an exit provision of the existing shareholders agreement including William Hill's call option rights exercisable in early 2013 and 2015.
Both companies have agreed to changes in the agreement which they say will grant greater flexibility to their respective operations, including William Hill Online, and allow for further commercial opportunities for the parties.
“These include increased flexibility for William Hill Online to provide betting services to William Hill's Retail business and the cancellation of the sole restriction regarding Playtech's ability to license its software, which restriction related to a UK land-based gambling operator.”
Existing restrictions on UK Marketing Services provision remain in place, running through to the first call option date.
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