William Hill: Caesars Palace-owner in 'advanced' talks over ₤ 2.9 bn offer

Caesars Entertainment, the yohaig code Las Vegas casino-owner, says it is in advanced takeover talks with William Hill over a possible ₤ 2.9 bn bid for the bookie.

The US firm said William Hill's board had actually shown it is minded to advise its cash deal of 272p a share.

William Hill has actually likewise gotten a takeover approach from US private equity firm Apollo.

But Caesars stated if William Hill selected Apollo, it would jeopardise a joint endeavor between the companies.

Caesars president Tom Reeg stated: "The chance to integrate our land based-casinos, sports betting and online gaming in the US is a really interesting prospect.

"William Hill's sports betting know-how will complement Caesars' current offering, enabling the combined group to much better serve our clients in the fast growing US sports betting and online market."

On Friday, William Hill validated that it had actually received 2 takeover methods, which sent its share cost soaring by 42% to 312p.

Caesars said its offer was almost 58% higher than William Hill's share price on the day before the US company made its very first technique on 2 September.

It added it was also above the wagering business's share price on Thursday last week, before its disclosure of the two approaches caused its share rate to surge.

But David Cumming, chief financial investment officer for equities at Aviva Investors, stated offers for William Hill might overtake the 312p level its shares ended at on Friday.

He informed the BBC's Today programme: "The view is - and we do hold some William Hill so it [has] some interest here - the 40% increase on Friday, provided relative assessments in the US, it is possible that the yohaig code bid comes in at a higher level than the closing rate we saw then so there still may be some benefit."

Apollo - which is also one of two companies in the last going to buy UK grocery store Asda - is yet to publish information of its possible bet9ja's welcome offer for William Hill.

However, Mr Cumming said he believed Caesars was the most likely victor "because it already owns 20% of William Hill's US company therefore it should have some synergies".