GVC/Ladbrokes Coral: cap it off

Online gaming group GVC only needed to wait another month or so for the results of a British government review into ultra-addictive betting machines that scuppered its previous takeover talks with Ladbrokes Coral. The best case, at least for Ladbrokes shareholders, is that the cap is £50 and the bid is worth 204p per share. A conservative view of the possible cost savings justifies a premium of up to 79p. If GVC has under-estimated the government's resolve, it makes sense for Ladbrokes shareholders to look past the potentially underwhelming bid and get a deal done. As traditional UK betting shops fall out of favour, GVC should improve Ladbrokes' online business. Ladbrokes lays off the risk of a draconian FOBT cap.

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