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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/888-takeover-negotiations-continue.jpg"><img class="alignnone size-full" title="Ladbrokes is in takeover talks with internet betting company 888 Holdings" src="http://londonglossy.com/wp-content/uploads/2011/02/min-888-takeover-negotiations-continue.jpg" alt="Ladbrokes is in takeover talks with internet betting company 888 Holdings"/></a></p>
<p>Internet gambling firm 888 Holdings has said takeover talks with Ladbrokes are still ongoing as it bolsters its negotiating position with strong final-quarter sales.</p>
<p>The company, which offers casino, poker and sport betting, said an announcement regarding a potential deal with Ladbrokes would be made when appropriate &#8211; following reports that discussions had hit difficulties over the tabled price.</p>
<p>888, which recently launched an advertising campaign with former Australian international cricketer Shane Warne, posted an 18% increase in operating income to 71 million US dollars (£44 million) in the final quarter of 2010.</p>
<p>Bookmaker Ladbrokes revealed it was in talks to buy 888 in December, following reports it had offered £240 million for the company.</p>
<p>A Mail on Sunday report claimed the potential deal hit a stumbling block after 888 rejected the bid and Ladbrokes was unwilling to move any higher.</p>
<p>But after 888 revealed the talks were still ongoing shares edged ahead nearly 2% to 44.5p, valuing the company at £153.7 million.</p>
<p>The company&#8217;s share price has lost 58% of its value in the last year, as demand for online poker decreased and hit revenues and profits.</p>
<p>Chief executive Gigi Levy said: &#8220;We are very pleased with the results delivered during the last quarter of 2010 &#8211; especially the record 18% quarterly sequential growth. Our marketing activities have driven record numbers of players to our sites, and growth was achieved across our business lines.&#8221;</p>
<p>The group said its strong fourth-quarter trading continued into 2011 with average daily revenues increasing by 3% in January. Casino revenues were up 17%, while bingo and poker were up 13% and 28% respectively.</p>
<p>Ivor Jones, analyst at brokers Numis Securities, said: &#8220;888&#8217;s long-suffering shareholders must have been hoping that Ladbrokes would gallop quickly to the rescue. However, a good final quarter to 2010 is positive news for shareholders and gives 888 a better negotiating position.&#8221;</p>
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