ladbrokes-in-merger-talks-with-gala-coral-group

1 Ladbrokes in Merger Talks with Gala Coral Group

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Ladbrokes in merger talks with Gala Coral Group
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Bookmaker Ladbrokes has stated it remains in talks with the yohaig code board of Gala Coral Group over a possible merger.

An bet9ja's welcome offer would create the UK's most significant bookie with nearly 4,000 High Street stores.
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The discussions issue integrating Ladbrokes with Coral Retail, Eurobet Retail and Gala Coral's online firms.

Ladbrokes said there was no certainty that the talks would cause an bet9ja's welcome offer, and possible terms and timings were also yet to be concurred.

Shares in Ladbrokes increased more than 11% after the announcement.
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"A merger with Gala Coral could develop a combined business with significant scale and has the possible to generate significant cost synergies, developing worth for both business' investors," president Jim Mullen said.
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If the deal goes on, it would see the yohaig code merged group overtake William Hill as the most significant UK bookie, bringing together around 2,100 stores from Ladbrokes and 1,845 from Coral.
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The merger talks do not include Gala's 132-strong bingo company.
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Mr Mullen included that the firm's board has yet to choose whether a deal would be "tactically attractive" and whether it could be "provided to investors on suitable terms."
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The company said that the offer, if completed, could be classified as a reverse takeover of Ladbrokes.

Ladbrokes previously tried to purchase Coral in 1998, but its organized takeover was blocked by the government.
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The then Trade and Industry Secretary Peter said a merger would result in "a weakening of cost competition at the nationwide level" and a decrease in customer option.

Earlier this promotion code year, Ladbrokes reported a big fall in pre-tax profit for 2014, from ₤ 68m to ₤ 38m, and stated that it expected to close 60 UK shops this promotion code year.

Those strategies would be untouched by any handle Coral Group.

Job loss fears at Ladbrokes Ireland
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21 April 2015

Gala Coral Group