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Ladbrokes and Sportingbet announced on Monday the two gambling firms have terminated merger talks as part of a mutual agreement.
A statement from Sportingbet on Monday said: “The boards of Sportingbet and Ladbrokes agreed to end discussions as the parties were unable to agree either a suitable structure or one that delivered sufficient value to shareholders in a meaningful time frame.”
It was widely believed that Ladbrokes purchase of Sportingbet would be contingent on the later company’s sale of its Turkish betting business, however, other concerns reportedly arose in the interim.
“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,” Andrew McIver, Sportingbet’s chief executive, stated. “The board remains highly confident of Sportingbet’s prospects as an independent company.”
Shares in Sportingbet were 19.6 per cent lower at 36¾p in afternoon London trading, while Ladbrokes’ stock slipped 2.5 per cent to 117.6p.
- Aaron Goldstein, Gambling911.com
