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Ladbrokes-Coral offers shops to Betfred and Stan James
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17 October 2016
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Ladbrokes and Coral have concurred to sell 359 shops to competing betting companies in what they state is the "last considerable difficulty" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will buy 322 stores and Stan James the other 37 for an overall of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral need to bet9ja's welcome offer 350-400 shops for their merger to be cleared.
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The Competition and Markets Authority (CMA) will now assess the store deals, external.
Jim Mullen, the chief executive of Ladbrokes, stated: "The sale of these stores will clear the last substantial hurdle to delivering on the merger with Coral and paves the way for our focus on conclusion and rapidly delivering on the yohaig code chances the merger uses."
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The 2 bookmakers said they would look for approval from the CMA to finish the merger once they offer one more store.
Market leader
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Ladbrokes and Gala Coral are the UK's second and third largest retail wagering firms, behind William Hill.
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Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 stores in Britain.
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A merger in between the two would make them the UK's largest High Street bookie.
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However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to keep up with the competition and strengthen its online offering.
It was commonly reported, external over the weekend that William Hill to press ahead with the ₤ 4.5 bn deal despite misgivings from its largest shareholder.
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Ladbrokes-Coral Sells Shops to Betfred and Stan James
shirleen249695 edited this page 2025-10-18 06:32:23 +00:00