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

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

The US company stated William Hill's board had actually shown it is minded to suggest its cash deal of 272p a share.

William Hill has also gotten a takeover method from US private equity firm Apollo.

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

Caesars president Tom Reeg stated: "The opportunity to combine our land based-casinos, sports betting and online video gaming in the US is a truly exciting possibility.

"William Hill's sports wagering expertise will match Caesars' present offering, allowing the yohaig code combined group to much better serve our customers in the quick growing US sports wagering 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 deal was nearly 58% higher than William Hill's share price on the day before the yohaig code US business 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 methods caused its share cost to rise.

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

He told the yohaig code BBC's Today program: "the yohaig code view is - and we do hold some William Hill so it [has] some interest here - the 40% rise on Friday, given comparative appraisals in the US, it is possible that the bid is available in at a greater level than the yohaig code closing price we saw then so there still may be some advantage."

Apollo - which is likewise one of 2 companies in the last running to buy UK grocery store Asda - is yet to release details of its possible offer for William Hill.

However, Mr Cumming stated he thought Caesars was the yohaig code most likely victor "since it already owns 20% of William Hill's US business therefore it should have some synergies".