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Ladbrokes to combine with smaller sized rival Coral

Bookmakers Ladbrokes has revealed it plans to combine with Gala Coral in an bet9ja's welcome offer expected to value the company at ₤ 2.3 bn.

The move will take it past the existing high street leader, William Hill, combining Ladbrokes' 2,100 stores with Coral's 1,845.

Current Ladbrokes chief executive, external, Jim Mullen, will become employer of the merged company, called Ladbrokes Coral.

The two companies had revealed merger talks last month.

Peter Erskine, chairman of Ladbrokes, hailed the merger as a "significant strategic action for Ladbrokes".

He added: "Together, we will create a leading betting and video gaming service. The transaction will provide an appealing opportunity to produce significant value for both sets of investors."

Analysis: Jonty Bloom, BBC company reporter

The finest method at taking a look at the difficulties facing the merged wagering giant of Ladbrokes and Coral is that they have attempted to merge in the past.

In 1998 that prepared deal was compressed by Peter Mandelson, the trade and industry minister at the time, on the grounds that it would dominate the yohaig code market. Yet at that time the biggest danger to Ladbrokes and Coral did not even exist.

Betfair is the world's biggest internet-based wagering exchange and it was not established up until 2000.

It is only one of a big variety of online wagering companies that pay lower tax costs, can contend for company both here and worldwide and face few of the repaired costs of owning countless shops on the yohaig code British High Street.

The rationale behind this promotion code merger is to develop a business that will stand a better possibility of taking on those online giants.

To fund the offer Ladbrokes will use 93 million new shares to investors, representing 10% of the business.

Gala Coral has been owned by a variety of private equity companies, consisting of Apollo Global Management, Cerberus Capital Management, Anchorage Capital Partners and Capital, since 2010, when it collapsed under ₤ 2.5 bn of debt.

Ladbrokes shares shut down 3.3% at 124.1 p.

Before the merger talks started, Gala Coral had actually designated Morgan Stanley and Goldman Sachs to encourage on a possible stock market launching, initially prepared for October.

The deal comes simply over a week after online bookie 888 Holdings won a takeover fight with GVC Holdings for competing Bwin.party in a money and shares deal valued at about ₤ 898m.

Ladbrokes in Gala Coral merger talks

23 June 2015

Ladbrokes to close 60 UK shops

26 February 2015