UK gambling group Ladbrokes in initial approach to Sportingbet

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Ladbrokes, a major listed online and land gambling group in the UK, has made a preliminary takeover approach for rival Sportingbet, sending Sportingbet's shares surging higher, reports the Reuters news agency.

"Further to recent press speculation, the board of Sportingbet announces that it has received a highly preliminary approach from Ladbrokes plc, 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," Sportingbet said on Thursday.

Sportingbet shares surged 12% after it the approach from Ladbrokes, while Ladbrokes shares slipped by 0.3%.

Earlier this year Ladbrokes broke of acquisition negotiations with internet gambling group 888.

Source: InfoPowa News