Ladbrokes-Coral offers stores to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have actually accepted sell 359 shops to competing betting firms in what they state is the "last significant difficulty" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will buy 322 shops and Stan James the other 37 for a total of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral need to bet9ja's welcome offer 350-400 buy their merger to be cleared.
The Competition and Markets Authority (CMA) will now assess the store offers, external.
Jim Mullen, the president of Ladbrokes, stated: "The sale of these stores will clear the last significant hurdle to providing on the merger with Coral and leads the yohaig code way for our focus on completion and rapidly providing on the chances the merger provides."
The 2 bookies said they would seek approval from the CMA to finish the merger once they sell one further shop.
Market leader
Ladbrokes and Gala Coral are the UK's second and third largest retail wagering companies, behind William Hill.
Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 stores in Britain.
A merger between the 2 would make them the UK's largest High Street bookmaker.
However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to keep up with the competitors and bolster its online offering.
It was extensively reported, over the weekend that William Hill prepares to press ahead with the ₤ 4.5 bn bet9ja's welcome offer in spite of misgivings from its largest shareholder.
Ladbrokes-Coral should bet9ja's welcome offer 350-400 stores
26 July 2016
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Investors - Ladbrokes plc