..

Playtech Gains After Report of Talks With Ladbrokes

Written by:
Guest
Published on:
Feb/09/2011

(Bloomberg News) - Playtech Ltd., a web-gambling software company, rose after the Daily Telegraph said the company is in “exploratory talks” with Ladbrokes Plc about a possible merger.

A Ladbrokes spokesman, Ciaran O’Brien, said the company had no comment on the report when contacted by telephone today. A Playtech spokeswoman, who declined to be identified, also had no comment. Playtech gained as much as 5.6 percent, the most since Dec. 14.

Ladbrokes Chief Executive Officer Richard Glynn “has a clear mandate to grow the company organically, and he’s focused on that,” O’Brien said. “The board are also looking at other opportunities.”

In December, Ladbrokes said it was in preliminary talks with online gambling company 888 Holdings Plc. The Telegraph said today Ladbrokes asked UBS AG and Greenhill & Co. to explore links with Playtech, with a merger only one possibility.

Playtech has a five-year joint-venture agreement with Ladbrokes’ bookmaking rival, William Hill Plc.

Playtech rose 12.75 pence, or 3.3 percent, to 399 pence in London. The shares have declined 5.9 percent so far this year, giving the company a market value of 968 million pounds ($1.56 billion).

David Altaner and Tim Farrand

Business/Financial News

Bitcoin Slumps 10% as Pullback From Record High Gathers Pace

Bitcoin Slumps 10% as Pullback From Record High Gathers Pace

Bitcoin slumped 10% on Thursday to a 10-day low, retreating further from record highs, with traders citing fears of tighter U.S. regulation.

Bitcoin Hits One-Week Low as Rising U.S. Yields Dent Rally

Bitcoin Hits One-Week Low as Rising U.S. Yields Dent Rally

Cryptocurrencies plunged on Monday, with bitcoin dropping more than 12% to a one-week low

Bitcoin Hits $38,000 for First Time, Pushing Cryptocurrency Market Value Past $1 Trillion

Bitcoin Hits $40,000 for First Time, Pushing Cryptocurrency Market Value Past $1 Trillion

Bitcoin smashed through $38,000 to hit a new record high on Thursday as the cryptocurrency’s massive rally continues, then the $39,000 mark just prior to 11 am ET, and by afternoon the price peaked at $40376.

PayPal Backs Crypto Tax Startup Taxbit

PayPal Backs Crypto Tax Startup Taxbit

PayPal Holdings Inc’s venture arm has made an investment in Salt Lake City, Utah-based tech startup Taxbit, which helps consumers and businesses calculate the taxes owed on cryptocurrency holdings, the companies said on Thursday.

Bitcoin Crosses $30K Mark First Time Ever

Bitcoin Crosses $30K Mark First Time Ever

Digital currency Bitcoin extended its record smashing rally on Saturday, beginning the year with a surge over $30,000 for the first time, with ever more traders and investors betting that it is on its way to becoming a mainstream payment method.

Syndicate