Ladbrokes-Coral Sells Shops to Betfred and Stan James
Ladbrokes-Coral sells stores to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have actually concurred to offer 359 stores to rival wagering companies in what they say is the "last substantial hurdle" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will buy 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 look for their merger to be cleared.
The Competition and Markets Authority (CMA) will now assess the store deals, external.
Jim Mullen, the president of Ladbrokes, said: "The sale of these shops will clear the last significant obstacle to providing on the merger with Coral and leads the way for our focus on conclusion and quickly delivering on the opportunities the merger provides."
The two bookmakers stated they would look for approval from the CMA to finish the merger once they sell one more store.
Market leader
Ladbrokes and Gala Coral are the UK's second 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 in between the 2 would make them the UK's biggest 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 competition and bolster its online offering.
It was commonly reported, external over the weekend that William Hill prepares to push ahead with the ₤ 4.5 bn offer in spite of misgivings from its largest investor.
Ladbrokes-Coral must sell 350-400 stores
26 July 2016
William Hill financier snubs merger plan
14 October 2016
Investors - Ladbrokes plc
Ladbrokes-Coral sells stores to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have actually concurred to offer 359 stores to rival wagering companies in what they say is the "last substantial hurdle" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will buy 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 look for their merger to be cleared.
The Competition and Markets Authority (CMA) will now assess the store deals, external.
Jim Mullen, the president of Ladbrokes, said: "The sale of these shops will clear the last significant obstacle to providing on the merger with Coral and leads the way for our focus on conclusion and quickly delivering on the opportunities the merger provides."
The two bookmakers stated they would look for approval from the CMA to finish the merger once they sell one more store.
Market leader
Ladbrokes and Gala Coral are the UK's second 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 in between the 2 would make them the UK's biggest 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 competition and bolster its online offering.
It was commonly reported, external over the weekend that William Hill prepares to push ahead with the ₤ 4.5 bn offer in spite of misgivings from its largest investor.
Ladbrokes-Coral must sell 350-400 stores
26 July 2016
William Hill financier snubs merger plan
14 October 2016
Investors - Ladbrokes plc