(Reuters) - British betting firm William Hill (L:WMH) said on Friday it had received separate cash proposals from buyout firm Apollo (N:APO) and U.S. casino operator Caesars Entertainment (O:CZR) about a possible takeover, giving no indications of the offer values but sending shares in the company soaring 34%. "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 the talks were ongoing.
Apollo and Caesars have until Oct. 23 to either announce a firm intention to make an offer for William Hill or walk away.
Bloomberg had earlier reported that Apollo had approached the company regarding a potential deal.