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

Caesars Entertainment, the Las Vegas casino-owner, states it is in sophisticated takeover talks with William Hill over a possible ₤ 2.9 bn quote for the bookmaker.

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

William Hill has also gotten a takeover approach from US private equity company Apollo.

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

Caesars primary executive Tom Reeg said: "The chance to integrate our land based-casinos, sports wagering and online gaming in the US is a truly exciting prospect.

"William Hill's sports wagering knowledge will complement Caesars' existing offering, allowing the yohaig code combined group to much better serve our customers in the quick growing US sports betting and online market."

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

Caesars stated its bet9ja's welcome offer was almost 58% higher than William Hill's share rate on the day before the US company made its first method on 2 September.

It included it was also above the betting company's share rate on Thursday last week, before its disclosure of the two approaches caused its share rate to surge.

But David Cumming, primary 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 program: "The view is - and we do hold some William Hill so it [has] some interest here - the 40% rise on Friday, offered comparative appraisals in the US, it is possible that the bid is available in at a higher level than the closing price we saw then so there still might be some upside."

Apollo - which is also one of two firms in the last going to purchase UK grocery store Asda - is yet to release information of its possible deal for William Hill.

However, Mr Cumming said he believed Caesars was the most likely victor "because it currently owns 20% of William Hill's US service and so it ought to have some synergies".