Billionaire Joe Lewis is mystery Ladbrokes buyer

Joe Lewis, a British billionaire, is the mystery man who has acquired nearly 7 per cent in the UK gambling giant Ladbrokes, according to The Times.

It is thought that Mr Lewis believes the shares are undervalued and has quietly increased his stake in the company over several months. Should anymore become available, Mr Lewis will be the first in the queue. His 7 per cent stake is worth about £300 million ($585.1 million).

The Bahamas-based businessman also has a stake in Tottenham Hotspur Football Club and is closely involved with the betting exchange company Betdaq.

Speculation that Lewis could launch a takeover bid for Ladbrokes and then merge the company with Rank Group, the casino and bingo operator Lewis is thought to have his eyes on, has been swiftly rebuffed by industry experts.

Editor, - 2008-02-19 11:07:10

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