888 shares rocket after talks of deal with Ladbrokes
Shares in online gambling giant 888 soared today as talks of a take-over from Britain’s leading bookmaker, Ladbrokes. Rumours were confirmed by Ladbrokes in a statement that said talks are still in their infancy.
The statement did not confirm nor deny the approach was pitched at 70 pence per share giving a total value of some £240m. Whilst the announcement saw 888 shares rise by 9p to 58p Ladbroke shares took a minor dip dropping 0.7 per cent to 126.6p.
It was four years ago that Ladbrokes originally approached the online gambling company which was then valued at £470m after fears that the US Department of Justice would go after the owners of 888 for infringing US online gambling laws.
Reportedly, Ladbrokes is struggling to keep up with their main rival William Hill who have just joint a venture with software developer Playtech.