GVC in Talks to Buy Ladbrokes Coral for Up to $5.2 Billion

GVC in Talks to Buy Ladbrokes Coral for Up to $5.2 Billion

GVC in Talks to Buy Ladbrokes Coral for Up to $5.2 Billion

It would also get a potential further value of up to 42.8p, depending on the outcome of the United Kingdom government's Triennial Review into fixed-odds betting terminals (FOTBS) and its impact on profits.

According to today's press release, Ladbrokes stockholders are likely to be offered cash and shares equal to 160.9p a share, plus an uplift worth up to 42.8p a share depending on the outcome of the United Kingdom government's ongoing regulatory review.

Shares in Ladbrokes jumped almost 30% on the news during early trading in London.

Addleshaws is representing existing client GVC on the deal, led by corporate partner Nick Pearey, while Ashurst is advising Ladbrokes on another significant transaction, led by corporate partners Simon Beddow, Tom Mercer and James Fletcher.

It would lead to Ladbrokes Coral shareholders owning about 46.5% of the combined group and GVC about 53.5%.

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It comes amid a wave of consolidation in the sector, which has been under pressure pending the review, which is expected to significantly cut earnings from the lucrative betting machines - known as the "crack cocaine of gambling".

In a joint statement, the companies said GVC has offered to buy Ladbrokes Coral for about £3.9bn.

Alexander said that talks with Ladbrokes Coral restarted in recent weeks after a deal structure was devised that could account for the different potential FOBT consultation outcomes.

The announcement of the merger talks remains conditional, as the rest of the terms and conditions of the offer made by GVC Holdings need to be agreed on. As Casino Guardian has previously reported, more and more countries have been focused on imposing stricter regulatory regime to their gambling markets as part of their attempts to tackle possible gambling-related harm.

As a result of the industry crackdown, the Government's DCMS revealed that FOBTs' maximum stakes should be reduced from the current amount of £100 allowed.

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"This triennial review has run and run and run and with the political climate in the United Kingdom who knows how much longer it may well run for?" he said.

Ladbrokes Coral was created out of the merger of Ladbrokes and Gala Coral in November a year ago.

Ladbrokes Coral - which operates 3,500 shops across England, Wales and Scotland - would receive 32.7p in cash and 0.141 ordinary GVC shares for each Ladbrokes Coral share. A larger company could have a greater competitive advantage versus sector peers.

A statement on the latest potential deal said the companies were "in detailed discussions regarding the possible combination of the two businesses".

Houlihan Lokey and Investec are advising GVC on the deal, while Ladbrokes Coral is working with Greenhill and UBS.

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