Dec 22, 2017
You bet: Ladbrokes Coral and GVC reach merger agreement
Gambling group GVC and bookmaker Ladbrokes Coral have agreed on a merger, after several previous failed attempts. Isle of Man-based GVC will take on the entire share capital of Ladbrokes Coral in a deal that the two sides say will bring "Significant breadth and scale" and help them to save at least £100m a year. GVC has a proven track record of creating shareholder value through the successful integration of acquired businesses and the GVC Board believe this transaction will create further value for our shareholders and those of Ladbrokes Coral. Ladbrokes shareholders will receive cash, some GVC shares and some notes whose value is contingent, in part, on a review of the profitability of the Ladbrokes Coral UK business. The deal values Ladbrokes Coral at around £3.2bn. It gives a 21.2 per cent premium to the target's share price from before this latest offer period talks started.
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