888 Acquisition No Longer in Talks

05/08/2011
By Pamela PattersonGoogle

 

At the end of 2010, talks surrounded online gaming company, 888, of an acquisition.  Today, those talks have been terminated.  Ladbrokes PLC announced today that a possible takeover of the online gaming company is no more. 

        

Talks of 888 by Ladbrokes came about at the end of last year due to the increasing market share in the online gaming industry by Ladbrokes.  Today, talks of the acquisition have been terminated due to a disagreement in price.

Richard Glyn, the CEO of Ladbrokes, and Paul Leyland, an analyst at Investec Securities, announced the termination of acquisition in the following statement:

 

"At the end of the day I simply decided it was not in the interests of the shareholders.  We believe walking away from 888 was the right thing to do in terms of price, regulatory risk, and operational fit."

Along with announcement that Ladbrokes was not taking over 888, Ladbrokes announced the appointment of a new Chief Financial Officer and the Interim Management Statement for the first quarter of the year. 

 

The reports showed an increase in both revenue and profit, which has lead speculators to determine that Ladbrokes is doing great on its own and the acquisition of 888 would take longer, than wanted to reach desired increases in profits.      

 

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