Ladbrokes Interested in Sportingbet Buy Out

British sports betting company Ladbrokes have made a preliminary approach to buy online bookmaker Sportingbet.

Both parties admitted there had been tentative discussions but at this stage there are no guarantees that they will lead to Ladbrokes submitting an offer for Sportingbet, cialis whose shares rose by 17.65 per cent following the announcement.

A statement released by the Sportingbet board, which was confirmed by Ladbrokes, said the company had received “a highly preliminary approach from Ladbrokes plc which may or may not lead to an offer being made to purchase the entire issued and to be issued share capital of the Company. There can be no certainty that any offer will be forthcoming or as to the terms of any such offer. A further announcement will be made in due course.”

Sportingbet, which is based in Guernsey and was founded in 1998, has over two million customers, but it is their presence overseas that appeals to Ladbrokes. Sportingbet is well established in Europe, Canada, South America, Australia and South Africa, and are territories in which Ladbrokes would like to grow.

Richard Glynn, Ladbrokes chief executive, confirmed that preliminary discussions had taken place. He said: “The Board has set out previously a clear organic strategy for Ladbrokes. We also stated that we would explore appropriate opportunities that may help us accelerate that process and bring benefits to our shareholders. These talks should be seen in that context and are highly preliminary.”