Bell Issues Warning To Ladbrokes Predators
Predators circling the new, stand-alone Ladbrokes plc have been handed a stark warning by chief executive Chris Bell.
"You'll need a very big war chest before we show any interest" was the essence of Bell's message, as the implications of the recent completion of a £3.7 billion deal, which splits parent company Hilton's two divisions by selling its 400 hotels to the US-based Hilton Hotels Corporation, became clearer.
Pre-Christmas press reports of approaches for Ladbrokes from private equity companies forced Hilton to make a stock exchange statement admitting to 'expressions of interest'.
Subject to shareholder approval the deal will be completed towards the end of February.
However, Bell, who has been with Ladbrokes since 1991, said on Friday: "This will be a company worth over £4 billion, and my job is to make it even stronger, so if somebody wants to own us, they would have to put up a very big pot of gold."
