Ladbrokes-Coral offers stores to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have actually accepted bet9ja's welcome offer 359 stores to rival wagering firms in what they say is the yohaig code "last substantial hurdle" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will purchase 322 stores and Stan James the other 37 for a total of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral should sell 350-400 look for their merger to be cleared.
The Competition and Markets Authority (CMA) will now assess the shop deals, external.
Jim Mullen, the president of Ladbrokes, said: "The sale of these stores will clear the yohaig code last substantial hurdle to delivering on the merger with Coral and leads the way for our concentrate on completion and quickly delivering on the chances the merger uses."
The 2 bookmakers said they would look for approval from the CMA to finish the merger once they sell one further shop.
Market leader
Ladbrokes and Gala Coral are the UK's 2nd and third biggest 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 between the two 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 stay up to date with the competitors and strengthen its online offering.
It was extensively reported, external over the weekend that William Hill plans to press ahead with the ₤ 4.5 bn bet9ja's welcome offer in spite of misgivings from its largest investor.
Ladbrokes-Coral need to offer 350-400 shops
26 July 2016
William Hill financier snubs merger plan
14 October 2016
Investors - Ladbrokes plc
