Popular UK-based gambling operator Ladbrokes has confirmed that it is currently in the process of negotiating at £240 million takeover of 888.
Four years ago, Ladbrokes tried to buy 888 for nearly double the price at £470 million. The deal was not completed, however, as the two companies were unsure of the fate of the American online gambling market.
Now, Ladbrokes is trying again, but the company has made sure to stress that, at this point, nothing is certain. While Ladbrokes and 888 are currently in talks, they do not yet know whether or not the negotiations will lead to an offer.
The news comes shortly after Ladbrokes new CEO Richard Glynn launched Project Galvanise, an initiative that seeks to double Ladbrokes’ stock price by the year 2015. The acquisition of 888, a hugely popular online gambling brand, would certainly help Ladbrokes achieve this goal.
It is important to remember that nothing is certain in the online gambling industry. Talks of mergers and acquisitions mean nothing until a deal is actually completed. Only time will tell whether or not Ladbrokes will actually take over 888, but it is certain that the deal would be beneficial for both companies involved if completed.