U.S-based gaming-entertainment company Caesars Entertainment, Inc, said it is in advanced discussions with British betting and gaming company William Hill Plc concerning a possible cash offer for William Hill.

Under the terms of the offer, William Hill Shareholders would be entitled to receive 272 pence in cash for each William Hill Share. The cash offer values William Hill at approximately 2.9 billion pounds.

On September 25, William Hill, responding to press speculation, had confirmed that it has received separate cash proposals from Apollo Management International LLP and Caesars Entertainment, Inc.

Caesars Entertainment now said the offer represents a premium of approximately 57.6 percent to the closing price per William Hill Share of 172.55 pence on September 1, being the last business day before Caesars’ first approach to William Hill.