Net gambling firm 888 Holdings has come forward and explained that takeover talks with Ladbrokes are still in progress. This comes as the organization has bolstered its negotiating position with very strong final-quarter revenue. The organization, which presents casino, poker and activity betting, has now stated that an announcement concerning a deal with Ladbrokes could be forthcoming. This follows reports that indicated discussions had hit difficulties over the tabled cost. 888, which recently launched an advertising campaign with former Australian global cricketer Shane Warne, posted an 18% enhance in revenue in the last quarter of 2010.
Bookmaker Ladbrokes revealed it was in talks to purchase 888 in December, after reports circulated that it had offered £240 million for that organization. A Sunday Mail report claimed the prospective deal hit a stumbling block after 888 rejected the bid and Ladbrokes was unwilling to offer an increased amount.
After 888 revealed that talks were still ongoing their shares edged ahead almost 2% to 44.5p, valuing the business at £153.7 million. Shares in the company are down 58% over the last 12 months, as demand for internet poker decreased, impacting revenues and profits.
The group stated that its upward trending revenues have continued into 2011 with average daily revenues increasing by 3% in January. Casino revenues had been up 17%, whilst bingo and poker were up 13% and 28% respectively.
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