Ladbrokes-Coral Sells Shops to Betfred and Stan James
Ladbrokes-Coral offers shops to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have consented to sell 359 shops to rival betting firms in what they say is the "last significant obstacle" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will purchase 322 shops and Stan James the other 37 for an overall of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral need to sell 350-400 shops for their merger to be cleared.
The Competition and Markets Authority (CMA) will now evaluate the shop offers, external.
Jim Mullen, the primary executive of Ladbrokes, stated: "The sale of these shops will clear the last substantial hurdle to providing on the merger with Coral and paves the method for our focus on conclusion and quickly providing on the chances the merger provides."
The 2 bookmakers said they would look for approval from the CMA to complete the merger once they offer one additional shop.
Market leader
Ladbrokes and Gala Coral are the UK's second and third largest retail wagering companies, 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 2 would make them the UK's largest High Street bookie.
However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to stay up to date with the competitors and strengthen its online offering.
It was extensively reported, external over the weekend that William Hill prepares to push ahead with the ₤ 4.5 bn offer in spite of misgivings from its biggest shareholder.
Ladbrokes-Coral need to offer 350-400 stores
26 July 2016
William Hill financier snubs merger strategy
14 October 2016
Investors - Ladbrokes plc
Ladbrokes-Coral offers shops to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have consented to sell 359 shops to rival betting firms in what they say is the "last significant obstacle" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will purchase 322 shops and Stan James the other 37 for an overall of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral need to sell 350-400 shops for their merger to be cleared.
The Competition and Markets Authority (CMA) will now evaluate the shop offers, external.
Jim Mullen, the primary executive of Ladbrokes, stated: "The sale of these shops will clear the last substantial hurdle to providing on the merger with Coral and paves the method for our focus on conclusion and quickly providing on the chances the merger provides."
The 2 bookmakers said they would look for approval from the CMA to complete the merger once they offer one additional shop.
Market leader
Ladbrokes and Gala Coral are the UK's second and third largest retail wagering companies, 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 2 would make them the UK's largest High Street bookie.
However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to stay up to date with the competitors and strengthen its online offering.
It was extensively reported, external over the weekend that William Hill prepares to push ahead with the ₤ 4.5 bn offer in spite of misgivings from its biggest shareholder.
Ladbrokes-Coral need to offer 350-400 stores
26 July 2016
William Hill financier snubs merger strategy
14 October 2016
Investors - Ladbrokes plc