ladbrokes-coral-sells-shops-to-betfred-and-stan-james

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Ladbrokes-Coral sells stores to Betfred and Stan James
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17 October 2016
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Ladbrokes and Coral have actually accepted bet9ja's welcome offer 359 shops to rival betting companies in what they state is the "last considerable hurdle" for their ₤ 2.7 bn merger.

Betfred, owned by billionaire Fred Done, will buy 322 shops and Stan James the other 37 for an overall of ₤ 55.5 m.
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Competition regulators ruled in July that Ladbrokes and Coral should sell 350-400 stores for their merger to be cleared.
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The Competition and Markets Authority (CMA) will now assess the store deals, external.

Jim Mullen, the chief executive of Ladbrokes, stated: "The sale of these stores will clear the last considerable obstacle to providing on the merger with Coral and leads the way for our focus on completion and rapidly delivering on the chances the merger provides."

The 2 bookies said they would seek approval from the CMA to complete the merger once they bet9ja's welcome offer one additional shop.

Market leader

Ladbrokes and Gala Coral are the UK's second and third biggest retail wagering companies, behind William Hill.

Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 shops in Britain.

A merger in between the two would make them the UK's biggest High Street bookie.

However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to keep up with the competitors and reinforce its online offering.

It was widely reported, external over the weekend that William Hill plans to push ahead with the ₤ 4.5 bn deal regardless of misgivings from its largest shareholder.
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Ladbrokes-Coral should sell 350-400 stores

26 July 2016

William Hill snubs merger strategy
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14 October 2016

Investors - Ladbrokes plc
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