FTSE 250 online casinos company 888 Holdings has recently seen its share price soar on the London Stock Exchange. The 2.25 pence increase per share is largely attributed to speculation that the online casinos firm could be facing a takeover bid by Ladbrokes. Ladbrokes chief executive Chris Bell has previously expressed interest in 888 Holdings and the rumors have been given further credence due to the close relationship the online casinos firm's CEO John Anderson has with Ladbrokes.
888 Holdings, a traditional poker and online casinos company, operates Pacific Poker and the established and highly popular Casino on Net. The company enjoyed a successful floatation on the London Stock Exchange in 2005 at 175 pence per share. More recently however, the online casinos firm's shares have soared, closing at 2.25 pence yesterday. The company is now valued at over 700,000 pounds sterling and would be a sound investment for Ladbrokes, which is keen to cash in on the rapidly increasing numbers of online casinos on the internet.
According to several industry insiders, Ladbrokes is reported to have strong ambitions to expand overseas. In particular, the bookmaker is eager to test its fortunes online and is expected to purchase interests in online casinos now that the 3.3 billion pound deal concerning its Hilton Hotel chain is finalized. An online casinos firm such as 888 would be a healthy investment for the bookmaker.