Takeover discussions between Ladbrokes and Sportingbet have been mutually terminated. A statement released to the London Stock Exchange this afternoon confirmed that "The Boards of Sportingbet and Ladbrokes agreed to end discussions as the parties were unable to agree either a suitable structure or one that delivered sufficient value to shareholders in a meaningful timeframe."
Earlier reports suggested that potential regulatory liabilities from Sportingbet's operation in Turkey's were a major stumbling block for any potential deal.
Ladbrokes CEO Richard Glynn said, "In August of last year we laid out a very clear organic strategy and investment programme for the reinvigoration of Ladbrokes. We were also clear on the intention to explore opportunities which enabled us to accelerate our progress that enhanced shareholder value and without exposure to non mitigatable regulatory liability".