William Hill has received rival takeover proposals from buyout firm Apollo and US casino operator Caesars Entertainment, the betting firm said today, without disclosing the value of the offers.
Shares in William Hill, which had a market value of £2.28 billion at yesterday's close, soared 37% to 298.3 pence on news of the cash proposals.
The offers come as Britain's betting shops are reeling from coronavirus-related restrictions on social movement and struggling with stricter regulations.
However, William Hill has offset the regulatory pressure at home by expanding in the US, and has partnered with CBS Sports, Caesars and ESPN to cash in on a relaxation of sports betting rules there.
Its shares were already trading close to two-year highs before news of the takeover proposals, having fallen to their lowest in 20 years in March.
"Following an initial written proposal from Apollo on 27 August 2020, William Hill received a further proposal from Apollo and proposals from Caesars," the company said, adding that talks were ongoing.
Apollo and Caesars have until October 23 to either announce a firm intention to make an offer or walk away.
Gambling firms have seen customers switch to online casino and bingo games as people spend more time indoors, leading William Hill to announce the closure of 119 shops last month as it becomes more digital.
It has also been helped by the return of sporting events such as horse-racing, top tier soccer in England and Germany, as well as Major League Baseball in the US.
Bloomberg earlier reported Apollo had approached William Hill about a potential deal. Apollo declined to comment on that report.
