Bingo News

Ladbrokes walks away from Wink Bingo owner (16/04/2011)

Ladbrokes the high street bookmaker, betting site and most importantly bingo operator has waked away from a potential offer to acquire the entire business of 888 Holdings. 888, which owns bingo sites like Tasty Bingo, Red Bus Bingo and one of its newest acquisitions in the form of Wink Bingo had been linked to a bid by Ladbrokes for several months.

Speculation had been mounting that Ladbrokes would offer around 75 pence per share for the online gaming and bingo operator. In its latest set of productivity figures, 888 announced considerable continued growth in profits from its online bingo division; lead in no small part by profits from Wink Bingo. It's not the first time that 888 and Ladbrokes have been linked to a potential tie-up.

In 2005, talks between the two parties were aborted after they failed to agree on a price for the business. Analysts suggest that price may have been a stumbling block to negotiations as the Shaked family own a large controlling stake and would have had to be willing to participate in any potential offer for 888's shares. Earlier in the week it was announced that the company's Chief Executive, Gigi Levy is to step down. No doubt 888 will wish him to stay on the company's board as it was a condition of the sale of Wink to 888 that if he ceases to have an executive function at 888 the Wink online bingo business may need to be sold or spun off.

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