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Ladbrokes in merger talks with Gala Coral Group
Bookmaker Ladbrokes has stated it remains in talks with the board of Gala Coral Group over a possible merger.
An offer would create the UK's biggest bookmaker with almost 4,000 High Street shops.
The discussions concern combining Ladbrokes with Coral Retail, Eurobet Retail and Gala Coral's online companies.
Ladbrokes stated there was no certainty that the talks would result in a deal, and possible terms and timings were likewise yet to be concurred.
Shares in Ladbrokes rose more than 11% after the statement.
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"A merger with Gala Coral might develop a combined organization with considerable scale and has the potential to generate significant expense synergies, developing worth for both companies' shareholders," Mullen said.
If the offer goes ahead, it would see the yohaig code merged group overtake William Hill as the biggest UK bookie, bringing together around 2,100 stores from Ladbrokes and 1,845 from Coral.
the yohaig code merger talks do not include Gala's 132-strong bingo business.
Mr Mullen added that the yohaig code firm's board has yet to decide whether an offer would be "strategically appealing" and whether it could be "delivered to shareholders on suitable terms."
The company stated that the deal, if completed, might be classified as a reverse takeover of Ladbrokes.
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Ladbrokes formerly tried to purchase Coral in 1998, however its scheduled takeover was obstructed by the federal government.
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The then Trade and Industry Secretary Peter Mandelson stated a merger would cause "a weakening of cost competitors at the national level" and a decrease in customer choice.
Earlier this promotion code year, Ladbrokes reported a large fall in pre-tax profit for 2014, from ₤ 68m to ₤ 38m, and stated that it anticipated to close 60 UK stores this promotion code year.
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Those plans would be untouched by any deal with Coral Group.
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Job loss fears at Ladbrokes Ireland
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21 April 2015
Gala Coral Group
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Ladbrokes in Merger Talks with Gala Coral Group
richelle086290 edited this page 2025-10-19 13:36:54 +00:00