Ladbrokes-Coral Sells Shops to Betfred and Stan James
Ladbrokes-Coral offers stores to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have actually consented to sell 359 stores to competing wagering firms in what they say is the "last substantial hurdle" 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 should sell 350-400 buy their merger to be cleared.
The Competition and Markets Authority (CMA) will now evaluate the store deals, external.
Jim Mullen, the chief executive of Ladbrokes, said: "The sale of these stores will clear the last significant hurdle to delivering on the merger with Coral and paves the way for our concentrate on conclusion and rapidly delivering on the opportunities the merger uses."
The 2 bookies said they would look for approval from the CMA to finish the merger once they sell one additional store.
Market leader
Ladbrokes and Gala Coral are the UK's 2nd and third biggest retail wagering companies, behind William Hill.
Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 shops in Britain.
A merger in between the two 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 keep up with the competition and reinforce its online offering.
It was widely reported, external over the weekend that William Hill prepares to press ahead with the ₤ 4.5 bn offer regardless of misgivings from its biggest shareholder.
Ladbrokes-Coral need to sell 350-400 shops
26 July 2016
William Hill investor snubs merger strategy
14 October 2016
Investors - Ladbrokes plc
Ladbrokes-Coral offers stores to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have actually consented to sell 359 stores to competing wagering firms in what they say is the "last substantial hurdle" 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 should sell 350-400 buy their merger to be cleared.
The Competition and Markets Authority (CMA) will now evaluate the store deals, external.
Jim Mullen, the chief executive of Ladbrokes, said: "The sale of these stores will clear the last significant hurdle to delivering on the merger with Coral and paves the way for our concentrate on conclusion and rapidly delivering on the opportunities the merger uses."
The 2 bookies said they would look for approval from the CMA to finish the merger once they sell one additional store.
Market leader
Ladbrokes and Gala Coral are the UK's 2nd and third biggest retail wagering companies, behind William Hill.
Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 shops in Britain.
A merger in between the two 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 keep up with the competition and reinforce its online offering.
It was widely reported, external over the weekend that William Hill prepares to press ahead with the ₤ 4.5 bn offer regardless of misgivings from its biggest shareholder.
Ladbrokes-Coral need to sell 350-400 shops
26 July 2016
William Hill investor snubs merger strategy
14 October 2016
Investors - Ladbrokes plc