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Ladbrokes Coral in talks over takeover by GVC

Gambling giant Ladbrokes Coral remains in "in-depth" talks over a takeover by online competing GVC over a deal that could value the group at as much as ₤ 3.9 bn.

Under the propositions, GVC - which owns the Bwin and Sportingbet brands - would hold 53.5% of the combined group.

The optimum cost GVC will pay will depend on the result of the yohaig code federal government's review of video gaming machines.

Ladbrokes Coral shares leapt 23% on news of the talks, while GVC's were up by 4%.

The Department of Culture, Media and Sport has said it will cap the size of stakes gamblers can make on fixed-odds betting terminals, amid issues they might hurt vulnerable people.

GVC and Ladbrokes Coral stated that the review might influence on the yohaig code profitability of Ladbrokes Coral's UK business.

Under the proposed takeover deal, GVC will pay 160.9 p for each Ladbrokes Coral share, which would value the business at ₤ 3.1 bn.

However, if the outcome of the yohaig code federal government's evaluation of video gaming terminals is beneficial to the gaming industry, and enforces a higher limitation on fixed odds bets, then GVC will pay Ladbrokes Coral shareholders a so-called "contingent worth right" (CVR) of up to 42.8 p per share. When included to the initial payment, this promotion code could value the yohaig code company at as much as ₤ 3.9 bn.

The takeover of Ladbrokes Coral could go ahead before the government announces the result of its review. Following the result, GVC would then pay the CVR to Ladbrokes Coral investors.

GVC and have formerly held speak about a takeover, but they broke down.

"GVC got lucky at the 3rd attempt and Ladbrokes Coral investors can count their payouts," said Neil Wilson, senior market analyst at ETX Capital.

"Whilst this deal was constantly most likely, many had actually thought GVC would wait up until the federal government's triennial evaluation of fixed odds wagering terminals was ended up before it would take place."

The "tie-up has always made good sense", he included.

Isle of Man-based GVC "has little financial obligation and has the international and fast-growing online existence, Ladbrokes Coral has the physical footprint, High Street name and sports book".

Under takeover guidelines GVC now has until 4 January to decide whether to make a company deal for Ladbrokes Coral or to withdraw.

Government to evaluate betting devices

24 October 2016

Paddy Power urges betting device decision