Ladbrokes has announced end of potential merger talks with 888 four months after it started negotiations with the operator registered in Gibraltar, giving no official reason.

According to Richard Glynn, Ladbrokes’ chief executive, that deal could not have made value for the company’s stockholders. However, he refused to admit that the price had been the main problem.

He emphasized that everything was amicable but at the end of the day he just realized that the deal wouldn’t have been for the stockholders’ benefit.

The announcement came just 24 hours after 888 CEO Gigi Levy confirmed that the deal was still valid at presentation of his company’s Q1 results.

Ladbrokes first announced talks between the two companies on December 20, following huge media buzz. This morning both Ladbrokes and 888 announced terminating of talks.

In the first hour of trading shares in 888 Holdings fell up to 10% this morning and kept falling all day long. Ladbrokes share price was among the biggest risers on the FTSE 250 today up 7% at midday.