888 May Have a Party
Filed in archive Gambling General by jo on October 30, 2006
What now?
Merger rumours or acquisition?
In the case of 888 and Partygaming, both affected drastically from the US Bill, were rumoured to have been 'talking' about potential mergers. This perked the interest of the City and lo and behold, their shares jumped on the news.
But there's more. Ladbrokes could be interested in an acquisition of 888, as it looks to cash-in from the now cheap market value.
No-one's confirming anything and no-one's denying anything. But PartyGaming and 888 are sure in need of the positive publicity
PartyGaming's market value had slumped by more than 70%, leaving it worth around £1.2bn - prompting its swift ejection from the FTSE100 index of blue-chip companies - while 888's shares had tumbled 24%, leaving it worth around £360m.
888 listed on the London Stock Exchange in September 2005 with its shares priced at 175p. They rose as high as 244¾p earlier this year, giving it a market value of £825m.
Today's news of takeover talks sent 888's shares racing up 13p, adding £44m to its value at £408m
PartyGaming, floated at 116p in June last year, making it worth £4.64bn, but by the end of the first day its value had shot up to £5.16bn. Earlier this year the shares hit a high of 155p, giving the company a market value of £6.2bn.
Today, PartyGaming shares surged 4%, to 31¼p, making it worth £1.25bn.
Article: PartyGaming-888 merger fever
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