888 Holdings shares soar on Ladbrokes takeover talks

Shares in online betting firm 888 Holdings have soared by about 20% after it confirmed it is in talks to be bought by larger rival Ladbrokes.

888 Holdings said discussions were in "the early stages", and there was "no certainty" that Ladbrokes would make a formal offer.

Ladbrokes added that it had yet to decide the terms of any deal proposal it may make to 888 Holdings.

Ladbrokes is one of the UK's largest betting companies.

It has 2,220 shops and a website operation.

888 Holdings is a solely internet-based business.

Ladbrokes traces its origin back to 1886, while 888 Holdings was founded in 1997.