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Pacific Poker owner 888.com close to takeover by Ladbrokes
Tue, Dec 12th, 2006 @ 12:00am
In November, rumors were flying that UK online gaming giant Ladbrokes was considering a takeover bid for rival 888 Holdings, operator of Pacific Poker and Casino-on-Net.
It turns out that the two firms have been in talks for more than a month. The Daily Mail newspaper predicts a deal will close as early as next week for around GBP 490 million.
It said the takeover offer for 888 was expected to be pitched at between 140 pence and 145 pence a share.
If the deal closes, then all rumors and possibilities of PartyGaming taking over 888 Holdings will end.
In spite of 888 struggling since the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed early October, it remains an attractive target for Ladbrokes. That is because 888 had aimed at the Asian market, whose potential for online gaming is huge.
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