Online betting group 888 Holdings has confirmed that bookmaker William Hill has approached the firm to inquire about a possible takeover.
After making the announcement on Tuesday, 888 shares rose by 18.6 per cent to 172p, with the Financial Times reporting the £600m valued firm could go for as much as £700m.
An 888 board statement read: “The board of the company confirms that it received an approach regarding a possible offer for the company by William Hill.
“There can be no certainty, however, that any firm offer will be made nor as to the terms on which any firm offer might be forthcoming.”
The takeover would put William Hill in a strong positon to capitalise upon its dominant high street position with 888’s grasp of online games and poker.
888 said it will provide a further update within the month.
This follows William Hill, along with Ladbrokes, Coral and Paddy Power, launching a joint TV advert advising customers to gamble responsibly, the first ad from the independent gambling watchdog, the Senet Group.