Dec 22, 2017

Ladbrokes Coral to be bought by GVC

Gambling giant Ladbrokes Coral has agreed the terms of a takeover by online rival GVC worth up to £4bn. Under the deal, shareholders in GVC - which owns the Bwin, Sportingbet and Foxy Bingo brands - will hold 53.5% of the combined group. Ladbrokes Coral became the UK's biggest High Street bookmaker following last year's merger of Ladbrokes and Coral. Ladbrokes Coral chairman John Kelly said the tie-up with GVC would "Improve the customer experience, drive faster online growth and build a more diverse and extensive international portfolio of businesses". GVC and Ladbrokes Coral have said that the review could hit the profitability of Ladbrokes Coral's UK business. For each share that Ladbrokes Coral shareholders own, they will get 32.7p in cash and 0.141 ordinary GVC shares, plus a "Contingent value right" worth up to 42.8p. The size of this contingent entitlement will be decided by the outcome of the DCMS review.

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