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Ladbrokes - 888.com talks abandoned

Discussion in 'Casino Industry Discussion' started by jetset, Apr 23, 2007.

    Apr 23, 2007
  1. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    888.COM AND LADBROKES ACQUISITION DEAL IS OFF

    Amicable agreement to abandon "discussions"

    The widespread speculation that Ladbrokes and 888.com were making merger talk can now cease following an announcement from both companies that their discussions regarding " a business transaction" have been abandoned by mutual and amicable agreement.

    Most of the UK business media reported that betting group Ladbrokes and online gaming firm 888 were no longer in talks regarding a possible deal.

    Speculation started back in October last year when the two companies held meetings, but it is said that the discussions were interrupted and delayed by the US legislative development of the Unlawful Internet Gambling Enforcement Act that seeks to disrupt online gambling financial transactions.

    The International Herald Tribune claimed that Ladbrokes was looking at ways to cap any liability in the US which could arise from a takeover of 888 as America continues its crackdown on internet gambling. 888.com pulled out of the USA as a consequence of the UIGEA but had previously diversified geographically in its buisness activities and was not as badly hit as some of the other public companies.

    Since the US legislation was introduced 888 has continued to build its business elsewhere, and was granted an online sports betting licence in Italy in December and, in February, signed an agreement with the owner of Rileys, the chain of 168 snooker, pool and poker clubs, which will see 888 support the Rileys website (see earlier InfoPowa report).

    Shares in the Gibraltar-based parent 888 Holdings PLC dropped 5.7 percent Monday after the company made the announcement that the talks were being discontinued.
     
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