Ladbrokes Changes Its Plan
On Tuesday, the Chief Executive of 888, Gigi Levy claimed that the talks were going on and he also admitted that there has been a disagreement over the price.
This announcement came after Harrow-based Ladbrokes claimed that their quarterly profits jumped 1.9% to reach £49.2m.
Richard Glynn, the Chief Executive, said: “We expect the economic climate in the UK to remain challenging in 2011 with consumer confidence and disposable incomes continuing to suffer.”
Ladbrokes and Gibralter-based 888 are undergoing with the discussions and negotiations before Christmas about the takeover procedures.
The shares of 888 have suffered a decline of 9.6% in the trading and were at 37.5p till the time of the announcement. On the other hand Ladbrokes share got a gain of 6.6% at was at 141.5p.
However, Ladbrokes changed their plan and stopped further negotiations. They claimed that the deal would not be the best for the shareholders.
Bookmakers admitted the fact that there were speculations regarding the result. Bookmakers also claimed that the negotiators could not manage to pull this brilliant £240m offer deal.
Share price of 888 was highly affected and declined 10% after this shocking news.