US Edition 
Playtech bought Ladbrokes stake from bookie's top shareholder
Playtech, the gambling software group controlled by Israeli entrepreneur Teddy Sagi, acquired its near-3pc stake in Ladbrokes from the bookmaker’s biggest shareholder.
Schroders cut its holding from 12pc to below 10pc after offloading a £37.1m stake on Wednesday at 170p a share.
The shares have since jumped to 185p, up 5.2 on Thursday, on talk that the un-named buyer could be preparing a bid for the accident-prone bookmaker.
The Daily Telegraph disclosed on Wednesday that Playtech founder Mr Sagi, whose Brickington Trading vehicle owns 49pc of the software company, was behind the purchase of the shares.
On Thursday it emerged that the deal had been made via Playtech rather than by Mr Sagi personally.
Playtech, which has been hired by the bookie in a last-ditch attempt to overhaul its underperforming digital betting business, was briefing shareholders that it had bought the stake as an investment – dampening speculation that it was mulling a bid for the bookie.
Playtech, up 1.5 to 720p on Thursday, is valued at £2.1bn versus £1.7bn for Ladbrokes, which has had four profits warnings in just over a year – mainly due to its underperforming digital betting wing.
The latest, only a fortnight ago, has heaped pressure on chief executive Richard Glynn, who investors are ready to force out by next summer if he cannot improve the business.
One City source said the stake buying was a “typical Sagi move. He wins either way. If Playtech turns round Ladbrokes, the shares go up. If not, it’ll get bid for – and he can always sell out to a bidder.”
Ivor Jones, an analyst at Numis, pointed out that it could be tough for Playtech to launch its own bid.
“It might be commercially difficult for Playtech to become an operator in a market where it provides key services to what would then be its competitors,” he said.