888 shares winning on Ladbrokes bid move
Shares in online gambler 888 jumped 18% after Ladbrokes confirmed it had entered into 'very preliminary discussions' about a takeover.
Caution: An agreement with Ladbrokes is still some way off.
But sources cautioned that investors should not get too excited. An agreement with Ladbrokes (down 1.5p to 126p) is some way off and there is no guarantee an offer will be made.
In fact, 888 is thought to be holding informal negotiations with several parties, including online rival Sportingbet and US gaming firm Harrah's.
Gibraltar-based 888, which specialises in online casino and poker games, has been courting bidders for years.
It first held talks with Ladbrokes in 2006 but the UK firm walked away amid concerns about a regulatory crackdown in the US. Shares in 888 rose 8.75p to 57.75p.
Reports suggest Ladbrokes may offer around 70p a share, valuing the firm at £240m. But the fact that the share price remains well below this level suggests investors are not so sure.
Either way, 888's share price is a far cry from the peak seen in 2006, when it topped 230p.
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