Labrokes unable to agree 888 takeover
Saturday 16 April 2011
Ladbrokes has admitted that talks over a possible takeover of its online rival 888 have ended after the two companies failed to agree a price.
The pair announced they were in discussions in December, amid reports that Ladbrokes could offer as much as £240m for its rival in a move that would have boosted its online offer, which was lagging those of its peers. But it is believed the companies could not agree on a price for 888, which is advertised by former Australian cricket star Shane Warne, despite months of haggling.
Ladbrokes' chief executive Richard Glynn said: "At the end of the day, I simply decided it was not in the interests of shareholders."
The company will continue to look at opportunities for takeovers but Mr Glynn said he was under no pressure to strike any deals.
Ladbrokes, the world's largest betting shop chain, also said that its net revenues, excluding high-roller customers, rose 2.3 per cent in the first quarter of 2011, with stronger results recently following "some great football results".Online revenues rose by 1.2 per cent as some strong growth in casinos and bingo was offset by a 33 per cent decline in the income from poker. Bets through mobile phone applications grew by 250 per cent.
- 1 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 3 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
- 5 We have six months to save the world, says leading economist
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Sepp Blatter resigns: FBI are investigating outgoing Fifa president, claims report
Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
Gay teenager 'forced to have sex with his own mother' to 'cure' his homosexuality, campaigners in India say
Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...