Ladbrokes-Coral sells shops to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have actually consented to bet9ja's welcome offer 359 stores to rival betting companies in what they state is the "last significant obstacle" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will buy 322 stores 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 shops for their merger to be cleared.
The Competition and Markets Authority (CMA) will now evaluate the store offers, external.
Jim Mullen, the president of Ladbrokes, said: "The sale of these stores will clear the last substantial obstacle to providing on the merger with Coral and leads the way for our focus on completion and quickly delivering on the chances the merger offers."
The 2 bookmakers stated they would look for approval from the CMA to finish the merger once they offer one further store.
Market leader
Ladbrokes and Gala Coral are the UK's 2nd and third largest retail betting 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 in 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 boost its online offering.
It was extensively reported, external over the weekend that William Hill plans to push ahead with the ₤ 4.5 bn deal in spite of misgivings from its biggest shareholder.
Ladbrokes-Coral need to sell 350-400 shops
26 July 2016
William Hill financier snubs merger plan
14 October 2016
Investors - Ladbrokes plc
