It will be a an early Christmas bonus for 888 shareholders this week as their share value soars following the confirmation of negotiations between two online gambling brands, Ladbrokes and 888.
Speculation last weekend reported Ladbrokes was making a £240 million bid for online gambling software developer 888. At 70p a share, the reported deal represents a premium of some 40%, Reuters reported.
Both companies confirmed that they were in negotiations as the new week commenced, with 888’s share price soaring by 24% on the news that it may be acquired by the major UK online and land gambling group.
It provided 888 investors, who have seen their shares lose around two-thirds in value since January 2010, with some welcome and positive momentum, although the market quieted down to a rise of approximately 18% later Monday.
Under the leadership of former CEO Chris Bell, Ladbrokes made an acquisition run on 888.com four years ago but the deal fell through over concerns regarding 888.com’s vulnerability to US legal problems connected with its pre-UIGEA presence in that country.
Source: InfoPowa News
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