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

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

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

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

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

Caesars chief executive Tom Reeg said: "The opportunity 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 proficiency will match Caesars' existing offering, allowing the combined group to better serve our consumers in the fast growing US sports wagering and online market."

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

Caesars said its bet9ja's welcome offer was nearly 58% higher than William Hill's share price on the day before the US business made its first technique on 2 September.

It included it was also above the betting company's share cost on Thursday last week, before its disclosure of the 2 methods triggered its share rate to rise.

But David Cumming, chief financial investment officer for equities at Aviva Investors, stated offers for William Hill might outstrip 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, given comparative appraisals in the US, it is possible that the yohaig code quote can be found in at a greater level than the closing rate we saw then so there still might be some advantage."

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

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