SIMON DAVIES| Collins Stewart
We believe that a 70p per share offer should be a slam dunk for  investors, but see significant regulatory risk to a successful transaction given that 888 has not procured a non-prosecution agreement with the United States Department of Justice, which represents a potential poison pill.
NICK BATRAM| PEEL HUNT
888 and Ladbrokes need a deal. For shareholders of the former, the only question is whether to hang on for a bid or sell now. We feel a competing offer is unlikely. But 888 is no stranger to disappointment and Ladbrokes’ shareholders may question if it is backing the right horse.
SIMON?FRENCH| PANMURE GORDON
Clearly a significant opportunity for the combined business lies in cost reduction. A significant element of Ladbrokes’ cost base is from licensing software from Microgaming. 888 has developed its own proprietary technology which could be used across the combined group when Ladbrokes’ current agreement with Microgaming expires.