888 shares leap as Ladbrokes considers approach
| 06 November 2006 |    |
Shares in online gaming group 888 Holdings Plc (888.L: Quote, Profile, Research) leapt more than 8 percent on Monday, boosted by news on Sunday that UK bookmaker Ladbrokes Plc (LAD.L: Quote, Profile, Research) is considering a possible bid.The British online gaming sector is consolidating fast in the wake of a U.S. ban on Internet-based gambling.
By 0725 GMT shares in 888, which operates Web sites 888.com, Casino-on-Net.com and PacificPoker.com, were up 8.6 percent at 120p, valuing the group at more than 400 million pounds ($763 million).
A spokesman for Ladbrokes told Reuters on Sunday that his company was in the early stages of reviewing a possible transaction involving 888.
However, Ladbrokes said no decision had yet been made about whether a proposal would be made.
888 has declined to comment on the Ladbrokes statement, but reiterated its statement last Monday that it was in talks about a potential tie-up with a number of third parties.
Article By: Reuters
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