City speculation surges on imminent Ladbrokes takeover bid

City speculation surges on imminent Ladbrokes takeover bid

Wednesday, March 26, 2014

Beleaguered bookmaker Ladbrokes could soon be the target of a takeover bid if City speculation is to be believed, with rival Paddy Power being named as a potential bidder. According to sources, a number of private-equity firms are exploring the viability of a bid for the betting firm, with £2 a share being touted as a likely price.  

The news comes weeks after Ladbrokes announced a pre-tax profit plunge of 66 percent, to £67.6m, which it attributed to a continued overhaul of its digital business. Britain's second biggest bookmaker said first-half operating profit in 2014 would also take a hit because of the upgrades, which have been the source of ongoing concern at the betting firm as it has fallen a way behind William Hill who's digital profits are surging.

 

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