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November 8th 2006
Ladbrokes and 888 in takeover talks
Ladbrokes Plc, the UK’s second biggest bookmaker and gambling company, issued a statement on Monday confirming it is in takeover talks with 888 Holding’s Plc.
888 Holdings Plc has endured difficult times since the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed just over a month ago, forcing the company to pull out of the US market from where an estimated 70 percent of its revenue was derived. The UIGEA had a similar effect on other UK listed online gambling companies such as PartyGaming and Sportingbet, causing billions of dollars to be wiped of the share values of these companies.
The UIGEA has forced the online gaming industry to consolidate and Ladbrokes are considering starting their consolidation with the acquisition of 888 Holdings, the company behind the 888.com online casino and the Pacific Poker online poker room. Both are very well established in the UK and would be a great asset to Ladbrokes’ portfolio.
888 Holding’s has a current market value of £375 million based on its share prices, but it might take significantly more for Ladbrokes to buy the organisation. They must first persuade the Shaked brothers, who founded the company and retain a 51 percent controlling share in 888 Holdings, to consent to the sale. A figure of £470 million seems the most likely to persuade the brothers to sell.
Submitted: 08/11/2006 10:32:50
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