Ladbrokes and 888 terminate talks
Nearly four months after takeover talks were made public, the two operators have confirmed discussions have ended.
Ladbrokes has terminated potential merger discussions with 888 four months after it began talks with the Gibraltar-licenced operator, it announced in a statement this morning, however no official reason was given by the bookmaker.
Richard Glynn, Ladbrokes’ chief executive, said the takeover would not have created value for the company’s shareholders but declined to say whether this meant the price had been the main stumbling block.
The news comes just 24 hours after outgoing 888 CEO Gigi Levy claimed the deal was “still alive” at his company’s Q1 results presentation yesterday.
Ladbrokes first confirmed talks between the two parties on December 20, following heavy media speculation.
Both Ladbrokes and 888 issued statements this morning confirming that talks had been discontinued.
Shares in 888 Holdings fell 10% in the first hour of trading this morning and have continued their downward trend throughout the day. Ladbrokes share price was one of the highest risers on the FTSE 250 today up 7% at midday.