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 remains in innovative takeover talks with William Hill over a possible ₤ 2.9 bn quote for the bookie.

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

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

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

Caesars chief executive Tom Reeg stated: "The chance to combine our land based-casinos, sports wagering and online video gaming in the US is a genuinely exciting prospect.

"William Hill's sports wagering expertise will match Caesars' current offering, allowing the combined group to better serve our consumers in the quick growing US sports wagering and online market."

On Friday, William Hill verified that it had actually received two takeover techniques, 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 company made its very first approach on 2 September.

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

But David Cumming, chief investment officer for equities at Aviva Investors, said offers for William Hill could outstrip 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% rise on Friday, offered relative valuations in the yohaig code US, it is possible that the bid is available in at a higher level than the closing cost we saw then so there still might be some benefit."

Apollo - which is likewise one of 2 firms in the final going to buy UK grocery store Asda - is yet to release information of its possible bet9ja's welcome offer for William Hill.

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