GVC Holdings recently held talks about a takeover of bookmaker Ladbrokes Coral but discussions ended without a deal, two sources familiar with the matter said.

GVC’s proposal valued Ladbrokes Coral at about 2.7 billion pounds ($3.47 billion), or approximately 140 pence per share, the sources said. GVC was also prepared to increase the value of the deal by approximately 50 pence a share to about 3.6 billion pounds if the results of an ongoing UK government review into gambling were favorable for the industry, the sources also said.

The talks and potential terms were first reported by the Financial Times and come after speculation that GVC had revived its interest in Ladbrokes Coral. The two companies held discussions about a possible deal last year, the sources said.

Ladbrokes completed its merger with Coral last year, while Paddy Power and Betfair have also merged and GVC bought Bwin.

Ladbrokes Coral shares closed down 0.2 percent at 119.8 pence, giving the company a market capitalization of 2.3 billion pounds.

GVC, which is also worth about 2.3 billion pounds, has grown quickly under chief executive Kenny Alexander, who has built the business through acquisitions.