Casino giant Caesars Entertainment has confirmed it is in “advanced discussions” over a £2.9bn takeover of William Hill.
The announcement comes after William Hill said on Friday that it had received approaches from Caesars as well as private equity firm Apollo.
William Hill’s board of directors has now told Caesars that its offer “is at a price level that they would be minded to recommend” to shareholders, the US casino firm said.
Shares in the UK bookmaker had surged on Friday taking its value as details of possible bids emerged, taking its value to just under £3.3bn.
The Caesars cash offer of 272p per share falls short of the 312p where the stock closed last week but is still 25% higher than the price at which they finished trading on Thursday.
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