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KatherinTe

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Ladbrokes in merger talks with Gala Coral Group

Bookmaker Ladbrokes has said it remains in talks with the board of Gala Coral Group over a possible merger.

A deal would produce the UK's greatest bookmaker with nearly 4,000 High Street shops.

The discussions issue integrating Ladbrokes with Coral Retail, Eurobet Retail and Gala Coral's online firms.

Ladbrokes said 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 agreed.

Shares in Ladbrokes increased more than 11% after the statement.

"A merger with Gala Coral might create a combined organization with significant scale and has the potential to create considerable expense synergies, producing value for both business' investors," president Jim Mullen stated.

If the bet9ja's welcome offer goes ahead, it would see the merged group overtake William Hill as the yohaig code most significant UK bookie, bringing together around 2,100 stores from Ladbrokes and 1,845 from Coral.

The merger talks do not include Gala's 132-strong bingo company.

Mr Mullen added that the company's board has yet to choose whether an bet9ja's welcome offer would be "strategically appealing" and whether it could be "delivered to investors on appropriate terms."

The firm said that the yohaig code deal, if finished, could be categorized as a reverse takeover of Ladbrokes.

Ladbrokes formerly attempted to purchase Coral in 1998, however its planned takeover was obstructed by the federal government.

The then Trade and Industry Secretary Peter Mandelson said a merger would lead to "a weakening of rate competitors at the national level" and a reduction in consumer option.

Earlier this year, Ladbrokes reported a large fall in pre-tax earnings for 2014, from ₤ 68m to ₤ 38m, and stated that it anticipated to close 60 UK shops this promotion code year.

Those strategies would be untouched by any bet9ja's welcome offer with Coral Group.

Job loss fears at Ladbrokes Ireland

21 April 2015

Gala Coral Group

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