UK-listed online gambling operator GVC Holdings and bookmaker Ladbrokes Coral have revived discussions to create one of the world’s largest betting companies through a £3.9 billion (US$5.2 billion) merger.

The talks between GVC and Ladbrokes comes at a time when the betting industry braces itself for fixed-odds betting terminals (FOBTs) restrictions. FOBTs have been the bread and butter of some bookmakers, including Ladbrokes.

GVC and Ladbrokes confirmed the third merger discussions on Thursday, with the former offering the Lads less than $2 a share in cash and stock, plus a contingent value right.

The news immediately sparked rallies in Ladbrokes and GVC shares during Thursday’s early trading hours, jumping as much as 29 percent and 8.3 percent, respectively.