Ladbrokes makes approach for Sportingbet

British bookmaker Ladbrokes has made a preliminary takeover approach for rival Sportingbet , sending Sportingbet's shares surging higher.
"Further to recent press speculation, the board of Sportingbet announces that it has received a highly preliminary approach from Ladbrokes plc, which may or may not lead to an offer being made to purchase the entire issued and to be issued share capital of the company," Sportingbet said on Thursday.
Sportingbet shares surged 12% after it the approach from Ladbrokes, while Ladbrokes shares slipped by 0.3%.