Ladbrokes has made a preliminary takeover approach to online betting group Sportingbet.
The company confirmed that it has received a preliminary approach from Ladbrokes, which may or may not lead to an offer being made to purchase the entire issued and to be issued share capital of the company.
There is speculation that Ladbrokes has been struggling to reinforce its online business alone, which was further fuelled by the departure of Gary McIlraith this week, who was hired to lead Ladbrokes’ online business just a year ago.
Ladbrokes’ has previously been in takeover talks with internet gaming group 888 and gambling software supplier Playtech,
Following news of the takeover approach, Sportingbet shares jumped 6.75p to 49.25p, valuing the business at £325m. Ladbrokes fell to 146.2p.
