British billionaire builds stake quietly in Ladbrokes

According to ‘The Times’ nearly seven percent of the stakes in Ladbrokes, which is the United Kingdom’s biggest and leading bookmaker, have been purchased quietly and mysteriously by the British billionaire, Joe Lewis.

Joe Lewis is based in Bahamas. He is known to have houses all around the earth. He also has a farm in Argentina and currently he resides there. He has been ranked amongst the top twenty rich people according to the list for the year 2007 by the ‘The Sunday Times’. He has been ranked sixteenth in the list. Mr. Lewis had recently made it to the head lines after he paid a whopping seven percent stake in an American Bank Bear Stearns. The seven percent stake equals to $860 million.

According to ‘The Times’ and their sources, they have learnt that he has been buying the shares of Ladbrokes for many months now. However it is believed that he currently does not have any firm plans of bidding for the bookmaking firm but the takeover is considered to be one of its options. Assumptions were at an all time high after a series of announcements were made by the Citigroup disclosing that they were representing on behalf of one of its clients. Speculations regarding the identity of the actual buyer were doing the rounds since then. According to ‘The Times’ they have also learnt that the British billionaire thinks that the Ladbrokes shares have been undervalued and he is planning to purchase more of shares if available.

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