In response to press speculation, Ladbrokes announced on 23 June 2011 that it was in highly preliminary discussions with Sportingbet PLC ("Sportingbet") regarding a possible offer for Sportingbet. Ladbrokes today announces that these discussions have been mutually terminated.
CEO Richard Glynn commented,
"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.
"Throughout this process we have remained fully focused on the execution of our organic strategy and continue to make good progress in its implementation, which remains on track. We are confident this plan will deliver significant value to our shareholders and we will continue to take a disciplined approach over potential opportunities to accelerate it."
Richard Glynn Ian Bull Chief Finance Officer
Chief Executive Officer
Matt Sharff Ciaran O'Brien
Head of Investor Relations Corporate & Government Affairs Director
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.