Bidding war looms as Apollo sets sights on Tabcorp as well as William Hill

William Hill is not the only major gambling industry name in the sights of private equity group Apollo Global Management, which last week submitted a new bid for Australian giant Tabcorp's wagering arm and raised the prospects of a bidding war.

The Aus$3.5 billion (£1.95bn/€2.26bn) bid for Tabcorp's betting and media business matched the one made by Ladbrokes and Coral owner Entain at the end of April.

However, it came with the added sweetener of an alternative proposal including an extra Aus$500 million for Tabcorp's gaming services business.