William Hill has received two takeover approaches from private equity firm Apollo and casino giant Caesars Entertainment, which has driven a hike in their share price.
The gambling giant told investors that discussion “are ongoing” with both bidders.
In a statement to the London Stock Exchange, William Hill stressed that there “can be no certainty” that any formal offer will be made.
“The board notes the recent press speculation regarding a possible offer for William Hill,” they said in the statement.
“It confirms that it has received separate cash proposals from Apollo Management International and Caesars Entertainment.”
Shares leapt by 38% to 302.2p after the announcement.