Ladbrokes-Coral Sells Shops to Betfred and Stan James
Ladbrokes-Coral sells shops to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have actually agreed to offer 359 stores to rival wagering firms in what they state is the "last significant difficulty" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will buy 322 stores and Stan James the other 37 for a total of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral must offer 350-400 stores for their merger to be cleared.
The Competition and Markets Authority (CMA) will now examine the store deals, external.
Jim Mullen, the primary executive of Ladbrokes, stated: "The sale of these stores will clear the last significant difficulty to delivering on the merger with Coral and paves the way for our concentrate on completion and rapidly delivering on the opportunities the merger uses."
The two bookies stated they would look for approval from the CMA to complete the merger once they sell one additional shop.
Market leader
Ladbrokes and Gala Coral are the UK's 2nd and third biggest retail wagering firms, behind William Hill.
Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 stores in Britain.
A merger between the two would make them the UK's largest High Street bookmaker.
However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to keep up with the competitors and boost its online offering.
It was commonly reported, external over the weekend that William Hill plans to press ahead with the ₤ 4.5 bn deal regardless of misgivings from its largest investor.
Ladbrokes-Coral need to sell 350-400 shops
26 July 2016
William Hill financier snubs merger plan
14 October 2016
Investors - Ladbrokes plc
Ladbrokes-Coral sells shops to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have actually agreed to offer 359 stores to rival wagering firms in what they state is the "last significant difficulty" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will buy 322 stores and Stan James the other 37 for a total of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral must offer 350-400 stores for their merger to be cleared.
The Competition and Markets Authority (CMA) will now examine the store deals, external.
Jim Mullen, the primary executive of Ladbrokes, stated: "The sale of these stores will clear the last significant difficulty to delivering on the merger with Coral and paves the way for our concentrate on completion and rapidly delivering on the opportunities the merger uses."
The two bookies stated they would look for approval from the CMA to complete the merger once they sell one additional shop.
Market leader
Ladbrokes and Gala Coral are the UK's 2nd and third biggest retail wagering firms, behind William Hill.
Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 stores in Britain.
A merger between the two would make them the UK's largest High Street bookmaker.
However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to keep up with the competitors and boost its online offering.
It was commonly reported, external over the weekend that William Hill plans to press ahead with the ₤ 4.5 bn deal regardless of misgivings from its largest investor.
Ladbrokes-Coral need to sell 350-400 shops
26 July 2016
William Hill financier snubs merger plan
14 October 2016
Investors - Ladbrokes plc