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.
- 2 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 3 Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Caitlyn Jenner car crash: Driver who died in collision sued by surviving passengers for $18.5m
Watch the Supermoon live: How to see the brightest Moon of the year tonight
Hulk Hogan wants to be Donald Trump's running mate in the US Presidential election
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Turkey duped the US, and Isis reaps rewards
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says jobless migrants should be banned from entering the UK
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...