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Ladbrokes in merger talks with Gala Coral Group
Bookmaker Ladbrokes has stated it remains in talks with the yohaig code board of Gala Coral Group over a possible merger.
A deal would produce the yohaig code UK's biggest bookmaker with almost 4,000 High Street shops.
The discussions issue combining Ladbrokes with Coral Retail, Eurobet Retail and Gala Coral's online firms.
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Ladbrokes stated there was no that the yohaig code talks would result in a deal, and possible terms and timings were likewise yet to be agreed.
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Shares in Ladbrokes increased more than 11% after the announcement.
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"A merger with Gala Coral might develop a combined business with substantial scale and has the prospective to produce substantial expense synergies, developing worth for both business' investors," president Jim Mullen stated.
If the deal goes ahead, it would see the merged group overtake William Hill as the greatest UK bookie, combining around 2,100 shops from Ladbrokes and 1,845 from Coral.
The merger talks do not include Gala's 132-strong bingo service.
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Mr Mullen included that the company's board has yet to decide whether an bet9ja's welcome offer would be "strategically appealing" and whether it might be "provided to shareholders on appropriate terms."
The company said that the deal, if completed, might be classified as a reverse takeover of Ladbrokes.
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Ladbrokes formerly tried to buy Coral in 1998, but its planned takeover was obstructed by the yohaig code federal government.
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The then Trade and Industry Secretary Peter Mandelson said a merger would result in "a weakening of rate competitors at the nationwide level" and a reduction in consumer option.
Earlier this promotion code year, Ladbrokes reported a large fall in pre-tax earnings for 2014, from ₤ 68m to ₤ 38m, and said that it expected to close 60 UK shops this promotion code year.
Those plans would be unaffected by any handle Coral Group.
Job loss fears at Ladbrokes Ireland
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21 April 2015
Gala Coral Group
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Ladbrokes in Merger Talks with Gala Coral Group
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