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Ladbrokes Coral in talks over takeover by GVC

Gambling giant Ladbrokes Coral is in "detailed" talks over a takeover by online rival GVC over an offer that might value the group at as much as ₤ 3.9 bn.

Under the proposals, GVC - which owns the Bwin and Sportingbet brand names - would hold 53.5% of the combined group.

The maximum price GVC will pay will depend on the result of the government's review of video gaming devices.

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 may damage vulnerable people.

GVC and Ladbrokes Coral said that the review might impact on the success of Ladbrokes Coral's UK organization.

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 federal government's evaluation of video gaming terminals is beneficial to the betting industry, and imposes a greater limitation on fixed odds bets, then GVC will pay Ladbrokes Coral investors a so-called "contingent worth right" (CVR) of approximately 42.8 p per share. When contributed to the original payment, this promotion code could value the business at as much as ₤ 3.9 bn.

the yohaig code takeover of Ladbrokes Coral could proceed before the federal government announces the outcome of its review. Following the outcome, GVC would then pay the CVR to Ladbrokes Coral investors.

GVC and Ladbrokes Coral have previously held talks about a takeover, however they broke down.

"GVC got fortunate at the third attempt and Ladbrokes Coral shareholders can count their profits," said Neil Wilson, senior market analyst at ETX Capital.

"Whilst this promotion code bet9ja's welcome offer was always likely, a lot of had actually thought GVC would wait up until the federal government's triennial review of fixed odds betting terminals was ended up before it would take place."

The "tie-up has actually constantly made sense", he added.

Isle of Man-based GVC "has little debt and has the worldwide and fast-growing online presence, Ladbrokes Coral has the physical footprint, High Street name and sports book".

Under takeover rules GVC now has until 4 January to decide whether to make a company bet9ja's welcome offer for Ladbrokes Coral or to withdraw.

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