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Ladbrokes in merger talks with Gala Coral Group

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

A deal would produce the UK's most significant bookmaker with almost 4,000 High Street shops.

The discussions concern combining Ladbrokes with Coral Retail, Eurobet Retail and Gala Coral's online companies.

Ladbrokes stated there was no certainty that the talks would lead to a deal, and possible terms and timings were also yet to be agreed.

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

"A merger with Gala Coral could develop a combined business with substantial scale and has the potential to produce considerable expense synergies, producing worth for both business' shareholders," chief executive Jim Mullen stated.

If the offer goes on, it would see the merged group overtake William Hill as the most significant UK bookie, uniting around 2,100 stores from Ladbrokes and 1,845 from Coral.

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

Mr Mullen included that the firm's board has yet to choose whether a deal would be "strategically attractive" and whether it might be "delivered to shareholders on appropriate terms."

The firm said that the offer, if finished, might be categorized as a reverse takeover of Ladbrokes.

Ladbrokes formerly attempted to buy Coral in 1998, but its scheduled takeover was by the yohaig code federal government.

The then Trade and Industry Secretary Peter Mandelson stated a merger would result in "a weakening of rate competitors at the nationwide level" and a decrease in customer option.

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

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

Job loss fears at Ladbrokes Ireland

21 April 2015

Gala Coral Group