ladbrokes-in-merger-talks-with-gala-coral-group

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Ladbrokes in merger talks with Gala Coral Group
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Bookmaker Ladbrokes has said it remains in talks with the board of Gala Coral Group over a possible merger.

An bet9ja's welcome offer would produce the UK's most significant bookmaker with nearly 4,000 High Street stores.

The conversations issue combining with Coral Retail, Eurobet Retail and Gala Coral's online firms.
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Ladbrokes stated there was no certainty that the talks would result in a deal, and possible terms and timings were likewise yet to be agreed.

Shares in Ladbrokes increased more than 11% after the statement.

"A merger with Gala Coral could create a combined organization with considerable scale and has the prospective to generate significant expense synergies, developing value for both companies' investors," president Jim Mullen stated.

If the deal goes on, it would see the merged group overtake William Hill as the greatest UK bookie, combining around 2,100 stores from Ladbrokes and 1,845 from Coral.

The merger talks do not include Gala's 132-strong bingo organization.
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Mr Mullen included that the company's board has yet to decide whether a deal would be "strategically attractive" and whether it could be "delivered to shareholders on suitable terms."

The firm stated that the yohaig code deal, if finished, could be categorized as a reverse takeover of Ladbrokes.
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Ladbrokes formerly attempted to buy Coral in 1998, but its planned takeover was obstructed by the federal government.

The then Trade and Industry Secretary Peter Mandelson stated a merger would result in "a weakening of cost competitors at the national level" and a reduction in customer choice.
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Earlier this year, Ladbrokes reported a big fall in pre-tax revenue for 2014, from ₤ 68m to ₤ 38m, and stated that it expected to close 60 UK shops this promotion code year.
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Those plans would be untouched by any handle Coral Group.

Job loss fears at Ladbrokes Ireland
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21 April 2015

Gala Coral Group