Aug 22, 2017
GVC made fresh £3.6bn approach for Ladbrokes Coral
Online gambling group GVC approached Ladbrokes Coral, the UK bookmaker, in recent weeks with a takeover offer worth as much as £3.6bn to create one of the world's largest betting companies. At the time, Ladbrokes was completing its £2.2bn combination with Coral. According to two people with knowledge of GVC's proposal, it valued Ladbrokes Coral, which has 3,500 high street shops in the UK, at roughly 140p per share, or £2.7bn. However, the online gambling company also proposed an uplift of about 50p per share depending on the outcome of the regulatory review. This could have pushed the final price up to £3.6bn. GVC and Ladbrokes Coral declined to comment. GVC's approach has been bolstered by the performance of its share price, which has climbed more than 16 per on the year and given the company a market value of £2.26bn. On Tuesday, shares in Ladbrokes Coral were trading at 119.6p. Due Diligence.
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