Online Casino in Rumored Ladbrokes Bid
FTSE 250 online casino company 888 Holdings has recently seen its share price soar on the London Stock Exchange. The 2.25 pence increase per share is largely attributed to speculation that a takeover bid of 888’s online casino business by Ladbrokes may soon be underway. The company has enjoyed strong growth in online casino games and poker and is now valued at over 700,000 pounds sterling, representing a sound potential investment for Ladbrokes.
888 Holdings, a traditional poker and online casino company, operates the fourth largest poker site, Pacific Poker, along with another established and highly popular site called Casino On Net. The online casino firm enjoyed a successful floatation on the London Stock Exchange in September at 175 pence per share. However following rumors that Ladbrokes chief executive Chris Bell could be focusing his attention on its online casino fortunes, the share price reached a record high of 2.25 pence.
Bell has made no secret of the fact that Ladbrokes has strong ambitions to expand into the international online casino world. The bookmaker is eager to test its fortunes online and is expected to purchase online casino interests once the 3.3 billion pound deal concerning its Hilton Hotel chain is finalized. Rumors of a takeover bid are given further credence when one considers that 888 Holdings chief executive John Anderson is a former employee of Ladbrokes. Company statements from both firms concerning the possible deal are expected in the next weeks.