Friday October 11,2013 : UNKNOWN ENTITY BUYS 3 PERCENT OF LADBROKES
Mystery buyer laid down GBP 37 million for shares.
Online and land gambling group Ladbroke's stock received a boost Wednesday when a mystery buyer laid out GBP 37.1 million to buy up 3 percent of the company's shares, triggering speculation that an acquisition offer may be in the works for the troubled group.
The Telegraph newspaper speculated that the buyer may be associated with principal Playtech shareholder Teddy Sagi.
Ladbrokes and Playtech recently signed a software, marketing and content deal before Ladbrokes' contract with Microgaming had run its full course.
The big buy sent Ladbrokes' stock price soaring by more than 10 percent as news of the purchase of 21.8 million shares spread.
The entity behind the deal, which was brokered by Shore Capital was able to remain "cloaked" because it did not involve more than 3 percent of Ladbrokes stock and is therefore beneath the disclosure requirement.