Ladbrokes Ends Discussions With Sportingbet

This story was published more than 12 years ago.

Online gambling companies Ladbrokes and Sportinbet have ended discussions between the two companies that were at one time looking to merge.

Ladbrokes, who was looking to possibly purchase Sportingbet, had until October 17th to put a formal offer in; a step that apparently will not be taken by the gambling giant.

A Sportingbet spokesman said discussions were terminated, "as the parties were unable to agree either a suitable structure or one that delivered sufficient value to shareholders within a meaningful time-frame,"

Ladbrokes CEO Richard Glynn commented, saying: "In August of last year we laid out a very clear organic strategy and investment programme for the reinvigoration of Ladbrokes. We were also clear on the intention to explore opportunities which enabled us to accelerate our progress that enhanced shareholder value and without exposure to non mitigatable regulatory liability.

"The potential benefits and risks associated with a combination with Sportingbet were clear to us from the outset and have been well covered by the market. Having completed our analysis we have been unable to agree a structure which delivers increased shareholder value within an acceptable regulatory environment. We have therefore agreed to end our discussions."

Andrew McIver, Sportingbet Chief said: "As stated in the Company's final results announcement last week, the Board of Sportingbet remains focused on its overall strategy of providing a first class sports betting product and of increasing its exposure to regulated markets. The Board remains highly confident of Sportingbet's prospects as an independent company."

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