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Ladbrokes Call It A Day In Talks with 888


New CFO Appointed, as well

In terms of the much announced and anticipated takeover of online gambling company 888, bookmaker Ladbrokes PLC announced that the negotiations which began at the end of 2010 are off; reportedly, the talks with which Ladbrokes wanted to expand its online presence in the market were terminated because the two companies couldn't agree on the price.

According to Ladbrokes CEO Richard Glyn, "At the end of the day I simply decided it was not in the interests of shareholders."

On the other side, it was assessed by Paul Leyland, an analyst at Investec Securities: "We believe walking away from 888 was the right thing to do in terms of price, regulatory risk and operational fit. However, Ladbrokes' lacklustre online performance demonstrates the scale of the job."

Another novelty this week at Ladbrokes' was the appointment of a new Chief Financial Officer, Ian Bull, who will transfer from Greene King plc where he has been Group Finance Director since 2006. He will occupy the new position as of 4 July 2011.

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