Bethel Finance news:
UK bookmaker Ladbrokes has pulled out of talks to buy Israeli-owned online gambling company 888 Holding plc
In confirming the bookmaker's change of heart over 888, Ladbrokes chief executive Richard Glynn said, “It was very amicable between us but at the end of the day I simply decided it was not in the interests of shareholders. Our drive to make Ladbrokes favorite again has good momentum.” But the group expects the UK to remain challenging this year as consumer confidence and disposable incomes continue to suffer.”
Over the past few months, reports have indicated that Ladbrokes might pay as much as ₤240 million for gaming rival 888. But poor 2010 financials, the recent resignation of 888 CEO Gigi Levi and reports that 888 owed Wink Bingo large performance payments following its acquisition of the bingo company all put a Ladbrokes takeover in doubt.
Asked if Ladbrokes was likely to renew interest in 888 in the future Glynn said, "You can never say never with anything."
888's share price fell 16.3% to ₤0.34 on Friday, giving a market cap of ₤120 million.
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