LADBROKES CLOSE TO DEAL WITH SPORTINGBET

Tuesday August 30, 2011  : Main obstacles to agreement almost resolved
 
The Daily Mail newspaper in the UK reported over the weekend that the takeover of online betting group Sportingbet.com by rival land and internet gambling provider Ladbrokes could be completed in September.
 
The report, from unidentified sources, claims that the main hurdles to the deal – including the consideration – have almost been overcome.
 
Sportingbet will finalise its own acquisition of Australian online betting operator Centrebet on Wednesday, which will make it the biggest operator in the market Downunder.
 
Sportingbet is also currently exploring the possibility of unloading its troublesome Turkish market interests to the Isle of Man-based Gaming VC online gambling group. It is understood that the Turkish interests were regarded as an obstacle to a deal with Ladbrokes.
 
Earlier this year Ladbrokes abandoned acquisition discussions with 888 Holdings, reportedly over price issues; the Daily Mail report notes that Ladbrokes chief Richard Glynn is determined not to let this happen again.
 
Sportingbet is currently valued at GBP264 million, but it is understood to be negotiating for a price higher than that.