22-02-2008 Citigroup tells its customers to sell their Ladbrokes shares

According to the broker, Ladbrokes is trading at an unjustified 40 per cent premium to rival William Hill.

Citigroup also commented on Joe Lewis' acquisition of a 7 per cent stake in the bookmaker saying that given the billionaire has similar-sized investments in a number of entities, it is unlikely that a bid for Ladbrokes will follow in the near term.