Ladbrokes In Merger Talks With Gala Coral Group

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Ladbrokes in merger talks with Gala Coral Group


Bookmaker Ladbrokes has said it is in talks with the board of Gala Coral Group over a possible merger.


A deal would develop the yohaig code UK's biggest bookmaker with nearly 4,000 High Street shops.


The conversations issue integrating Ladbrokes with Coral Retail, Eurobet Retail and Gala Coral's online firms.
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Ladbrokes said there was no that the yohaig code talks would result in a deal, and possible terms and timings were likewise yet to be agreed.
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Shares in Ladbrokes rose more than 11% after the statement.


"A merger with Gala Coral could produce a combined service with considerable scale and has the potential to produce significant expense synergies, developing worth for both business' investors," president Jim Mullen said.
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If the bet9ja's welcome offer proceeds, it would see the merged group overtake William Hill as the yohaig code biggest UK bookmaker, combining around 2,100 shops from Ladbrokes and 1,845 from Coral.


The merger talks do not include Gala's 132-strong bingo business.
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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 shareholders on suitable terms."


The company said that the deal, if finished, might be classified as a reverse takeover of Ladbrokes.
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Ladbrokes previously attempted to buy Coral in 1998, however its scheduled takeover was blocked by the federal government.
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The then Trade and Industry Secretary Peter Mandelson stated a merger would lead to "a weakening of price competition at the yohaig code national level" and a decrease in customer choice.


Earlier this promotion code year, Ladbrokes reported a large fall in pre-tax earnings for 2014, from ₤ 68m to ₤ 38m, and stated that it expected to close 60 UK stores this year.
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Those plans would be untouched by any handle Coral Group.


Job loss fears at Ladbrokes Ireland


21 April 2015


Gala Coral Group