nyx accuses william hill wrongful conduct acquisition dispute escalatesby Joker 13.11.2017 0 comments
In response to William Hill’s threats to block the acquisition of NYX Gaming Group Limited by Scientific Games, NYX has launched legal action against the bookmaker.
Last week William Hill issued a corporate update, voicing its concerns over the deal and signalling its intention to convert its preference shares into ordinary NYX shares, in order to ensure it had had the power to put the brakes on the proposed acquisition.
The NYX board of directors has stated that in spite of the requests of William Hill, due to ‘regulatory and licensing restrictions’ it can’t convert the shares of William Hill into ordinary shares, citing that the conduct of the bookmaker could impact the license of NYX and therefore, it’s currently considering its future options.
Throughout its elongated negotiations with Scientific Games, William Hill has emphasised the need for favourable commercial agreements as a result of the deal, specifically with regards to a copy of the NYX source code. Furthermore, William Hill dismissed the idea that it had sought “anti competitive measures” which could halt the deal.
In response to the public announcement of William Hill, NYX has updated the corporate market, with the decision to file an action lawsuit in the Superior Court of New Jersey. In doing so, NYX has accused William Hill of “wrongful conduct” in its actions, alleging that it violated the New Jersey antitrust act.
NYX issued a statement which said: “The complaint seeks injunctive relief, treble damages and attorney’s fees for violations of the New Jersey Antitrust Act, and also alleges tortious interference with economic advantage, and tortious interference with contract, and seeks punitive damages.”
The statement of NYX follows on from its announcement that it has come to an agreement with Scientific Games for the development of a new sports betting platform for the US market.
Moving forward a shareholder meeting is scheduled to be held in Las Vegas on December 11, 2017.