Ladbrokes in merger talks with Gala Coral Group
Bookmaker has stated it is in talks with the board of Gala Coral Group over a possible merger.
An bet9ja's welcome offer would create the yohaig code UK's biggest bookmaker with almost 4,000 High Street shops.
The discussions concern combining Ladbrokes with Coral Retail, Eurobet Retail and Gala Coral's online firms.
Ladbrokes stated there was no certainty that the talks would result in 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 statement.
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"A merger with Gala Coral could develop a combined company with significant scale and has the potential to generate significant cost synergies, developing value for both companies' shareholders," primary executive Jim Mullen said.
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If the bet9ja's welcome offer goes on, it would see the merged group surpass William Hill as the greatest UK bookie, uniting around 2,100 shops from Ladbrokes and 1,845 from Coral.
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The merger talks do not include Gala's 132-strong bingo business.
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Mr Mullen added that the company's board has yet to decide whether a deal would be "tactically attractive" and whether it might be "delivered to shareholders on appropriate terms."
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The firm said that the deal, if completed, might be classified as a reverse takeover of Ladbrokes.
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Ladbrokes formerly tried to purchase Coral in 1998, but its scheduled takeover was blocked by the government.
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The then Trade and Industry Secretary Peter Mandelson said a merger would cause "a weakening of price competitors at the national level" and a reduction in customer option.
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Earlier this promotion code year, Ladbrokes reported a large fall in pre-tax earnings for 2014, from ₤ 68m to ₤ 38m, and said that it anticipated to close 60 UK stores this promotion code year.
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Those strategies would be untouched by any bet9ja's welcome offer with Coral Group.
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Ladbrokes in Merger Talks with Gala Coral Group
morrism285235 edited this page 2025-10-21 09:20:49 +02:00