Unknown Entity Buys 3 Percent Of Ladbrokes

UNKNOWN ENTITY BUYS 3 PERCENT OF LADBROKES

10th October, 2013 at 12:16:52
Source: http://www.azonlinecasinos.com

Mystery buyer laid down 37 million for shares.

Online and land gambling group Ladbroke's stock received a boost Wednesday when a mystery buyer laid out 37.1 million to buy up 3% of the company's shares, triggering speculation that an acquisition offer may be in the works for the troubled group.

The Telegraph newspaper speculated that the buyer may be associated with principal Playtech shareholder Teddy Sagi.

Ladbrokes and Playtech recently signed a software, marketing and content deal before Ladbrokes' contract with Microgaming had run its full course (see previous reports).

The big buy sent Ladbrokes' stock price soaring by more than 10% as news of the purchase of 21.8 million shares spread.

The entity behind the deal, which was brokered by Shore Capital was able to remain "cloaked" because it did not involve more than 3% of Ladbrokes stock and is therefore beneath the disclosure requirement.

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