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888 takeover imminent

8 Dec 2006

UNITED KINGDOM – As reported by UK This is Money: "A £490M takeover of online gambling group 888 by bookmaker Ladbrokes is imminent. The two companies have been in talks for over a month and a source close to the situation said a deal could be struck as early as next week.

"An offer for 888 is expected to be pitched at between 140p and 145p a share, netting millions for the two sets of brothers who founded the internet poker and casino group.

"Aaron and Avi Shaked and Shay and Ron Ben-Yitzhak still own about two-thirds of 888 - worth over £300m.

"…The acquisition would beef up Ladbrokes' online gambling operation, increasing liquidity on its poker sites, while providing software capability that it currently outsources…"

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