A £3bn bidding war has erupted for William Hill after US suitors filed competing bids for the British bookmaker.
Apollo Management, one of the world’s biggest buyout funds, and Las Vegas casino operator Caesars Entertainment have lodged cash offers, the FTSE 250 company said.
The Wall Street fund made an initial proposal at the end of August. It followed that with further offers in the following weeks alongside a rival bid by Caesars.
“Discussions between William Hill and the respective parties are ongoing,” the gambling operator said. “There can be no certainty that any offer for William Hill will be made, nor as to the terms on which any offer might be made.”
Suitors have until Oct 23 to make a firm offer under strict takeover rules.
William Hill shares leapt more than a third to 286.6p with investors anticipating a bidding war in the coming months.
Led by Roger Devlin and Ulrik Bengtsson, chairman and chief executive respectively, William Hill has championed its position in the US, where a decades-long ban on sports gambling is being relaxed on a state-by-state basis.