William Hill: Caesars Palace-owner in 'advanced' talks over ₤ 2.9 bn bet9ja's welcome offer

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

The US firm said William Hill's board had suggested it is minded to advise its money bet9ja's welcome offer of 272p a share.

William Hill has likewise gotten a takeover technique from US personal equity company Apollo.

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

Caesars primary executive Tom Reeg said: "The opportunity to combine our land based-casinos, sports wagering and online gaming in the US is a genuinely exciting possibility.

"William Hill's sports wagering knowledge will complement Caesars' existing offering, making it possible for the combined group to better serve our clients in the fast growing US sports wagering and online market."

On Friday, William Hill confirmed that it had actually received two takeover approaches, which sent its share price soaring by 42% to 312p.

Caesars stated its deal was nearly 58% higher than William Hill's share cost on the day before the US business made its very first method on 2 September.

It included it was likewise above the wagering business's share rate on Thursday last week, before its disclosure of the 2 approaches caused its share cost to surge.

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

He told 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, offered relative assessments in the US, it is possible that the bid comes in at a greater level than the closing cost we saw then so there still may be some benefit."

Apollo - which is also one of two firms in the last going to buy UK supermarket Asda - is yet to release details of its possible deal for William Hill.

However, Mr Cumming stated he believed Caesars was the yohaig code most likely victor "due to the fact that it currently owns 20% of William Hill's US business and so it need to have some synergies".