888’s Strong Last Quarter Figures Increase Chance of Ladbrokes Takeover
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Both 888 and Ladbrokes have confirmed that talks are still progressing regarding a reported £240 million takeover with 888’s chief executive adding that their latest financial figures will make them more appealing to the bookmaker.
Gigi Levy has been chief executive of 888 since June 2006 and has played a crucial role in the talks. He denied that there have been any setbacks in the deal and added that like any deals made between large companies, this would “take time”.
The deal currently on the table would see Ladbrokes buy 888 at around 70p per share but fourth quarter figures may cause 888 to up their prices lightly. The figures for the fourth quarter of the financial year showed that income had increased by 18% from the previous three months to £44 million. As a result of this, 888 share prices rose by 0.75p to 44.5p.
Adding to 888 thoughts about re-pricing their assets was the impressive figures posted by their December 2009 acquisition, Wink Bingo. The bingo company is far ahead of what 888 had expected and may cause them to renegotiate in order to take the latest figures into account.
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