William Hill, the $4 billion gambling giant, received takeover offers from private-equity firm Apollo and casino group Caesars

• William Hill has received takeover proposals from both Apollo Global Management and Caesars Entertainment, but says there is no certainty of sealing a deal, Bloomberg reported.
• The UK gambling group, valued at $4 billion (£3.2 million), announced last month that it was closing 119 stores due to COVID-19.
• Apollo is also up against private equity firm TDR Capital LLP in the race to buy UK supermarket chain Asda from Walmart, valued at around $8.2 billion.

US private equity firm Apollo Global Management and casino group Caesars Entertainment have each offered to take over William Hill, the British gambling group valued at $4 billion (£3.2 million).

William Hill confirmed the separate approaches on Friday, Bloomberg reported. It said that there was no certainty of any deal.

Under UK takeover rules, both Apollo and Caesar must announce their intention to make a firm offer by October 23 or walk away.

Shares in William Hill, which have dropped since the start of the pandemic, surged by more than 20% on Friday.

In August, the British bookmaker said it would permanently shut 119 stores and merge its online and retail operations.

Apollo has a history of large investments in the gambling sector, while William Hill is already a partner of Caesars.

Apollo is also in a race with private equity firm TDR Capital LL to buy UK supermarket chain Asda from Walmart, valued at around $8.2 billion. Apollo already has a $4.7 billion debt package ready to fund the purchase, according to people familiar with the matter, per the Financial Times.