London-listed Ladbrokes' courtship of Gibraltar-based operator 888 may be nearing its conclusion, with a £440 million ($864.5 million) deal specially designed to circumvent U.S. legal action rumored to be in the works.
Ladbrokes plans to protect itself from legal action by acquiring the majority of 888's assets--including its Web site and intellectual property--which would leave 888 as an independent company, The Mail on Sunday reported.
The two companies have been in furtive negotiations for over two months, with Ladbrokes, after a deluge of media inquiries, announcing that it was in "early stages of reviewing a possible transaction involving 888" on Nov. 5.
Neither Ladbrokes nor 888 has commented on the deal.