Ladbrokes Coral and GVC are back in "detailed" takeover talks

Shares in Ladbrokes Coral were up by more than a quarter in early trading despite uncertainty over the government’s consultation over fixed-odds betting terminals

Gambling giant Ladbrokes is in "detailed" talks over a takeover by online rival and Foxy Bingo owner GVC in a deal worth up to £3.9bn. GVC shareholders would be entitled to the rest.

It would see Ladbrokes Coral shareholders own around 46.5 per cent of the combined group and GVC around 53.5 per cent.

Shares in the 230-year-old Ladbrokes jumped 26 percent in early trading, while GVC shares rose 6 percent on confirmation of the long-rumoured offer, which is in cash and shares. The value of this would be determined by reference to the outcome of the current review of gaming machines and its estimated impact on the run-rate profitability of Ladbrokes Coral's United Kingdom business.

The government has said the maximum stake allowed in FOBTs could be sharply cut over concerns that the terminals fuel addiction.

The firms said: "The enlarged group would be an online-led, globally positioned betting and gaming business that would benefit from a multibrand, multichannel strategy applied across some of the strongest brands in the sector".

Former 'prophet' of doomsday church to appear in court following Amber Alert
Dramatic video shows the rescue of two girls believed to have been abducted by their "doomsday prepper" father three months ago. Investigators say they were there for 24 hours in subfreezing temperatures and were improperly dressed with no food or water.

The combined group would have beefed-up operations across some of the world's biggest regulated online gaming markets, including the UK, Italy and Australia.

In a joint statement, the two firms said GVC's chief executive Kenneth Alexander would be the boss of the enlarged group. There could also be synergies from the deal, while the Board of GVC also believes that the transaction would be double digit EPS accretive from the first full year post-completion.

Ladbrokes completed its £2.3bn merger with Coral in November previous year, but it is understood GVC first approached Ladbrokes over a tie-up when it was finalising the deal.

In a statement, Ladbrokes Coral said it has received a non-binding proposal from GVC for a potential offer for the entire issued and to-be issued share capital of the business. Turkey had presented a roadblock in GVC's quest to buy Ladbrokes Coral since it is an unregulated market and vulnerable to sudden clampdowns.

"GVC's recent move to exit Turkey cleared the last barrier and LCL shareholders should be pleased to see the firm is now better insulated against the vagaries of the United Kingdom market", said Neil Wilson, senior market analyst at ETX Capital.

Related news:

Hot News

isis-killer-beheading-video-story-top Google is killing Chrome Apps for desktops, for good
Dec 07, 2017 - 12:11
Google has shut down the "app" section of the Chrome Web Store for those platforms, meaning you can't install Chrome Apps anymore. All Chrome Apps that have already been installed on Chrome browsers will also cease to function sometime in early 2018.

isis-killer-beheading-video-story-top Apple Reportedly Developing 6.1-Inch LCD iPhone With Metal Back Case
Dec 07, 2017 - 12:06
Another source familiar with the situation said Casetek has been experimenting with new casings for the LCD-equipped iPhone . Nomura has claimed that the 2018 iPhone LCD model will share the same edge-to-edge display that the current iPhone X boasts.

isis-killer-beheading-video-story-top Blackhawks Hit New Milestone in Latest Franchise Valuation
Dec 07, 2017 - 09:49
The Capitals top-line contributed seven points on the three goals. "When we got down, they just seemed to feed off it". The last Chicago win at Washington was January 10, 2006, a 4-3 overtime win for the Blackhawks.

isis-killer-beheading-video-story-top Investigations into Air New Zealand Dreamliner 'abnormalities'
Dec 07, 2017 - 09:47
Air New Zealand said problems with Rolls-Royce engines on its aircraft have forced the carrier to ground some global flights. The firm said some engines on its Boeing 787-9 fleet require maintenance following recent "engine events".

Juniper Networks, Inc. (NYSE:JNPR): Trading Watch on These Shares
Dec 07, 2017 - 09:39
The stock go down so far this year; showing a decline of -1.06% and added with positive flow of 2.12% during recent week. The firm owned 975,310 shares of the network equipment provider's stock after selling 13,683 shares during the period.

isis-killer-beheading-video-story-top Remains found in Pender County, NC positively identified as Mariah Woods
Dec 07, 2017 - 09:38
Court documents obtained by WTVD list several acts of abuse against Mariah Woods and her two brothers. Additional charges against Kimrey could be pending as the investigation continues.

isis-killer-beheading-video-story-top David Cassidy Cuts Daughter Katie Out of His Will
Dec 07, 2017 - 09:37
Katie, who now stars on the TV superhero drama Arrow , had an estranged relationship with her father. "I'm proud of her". The Blast revealed that Cassidy's will was created in 2004 by his personal representative and then-wife, Susan Cassidy.

isis-killer-beheading-video-story-top Pro golfer withdraws from tournament after freakish finger injury
Dec 07, 2017 - 09:36
Darren Fichardt is the defending champion after winning at Royal Johannesburg and Kensington early this year. "I didn't play as many tournaments as I usually do a year ago , with family issues".

isis-killer-beheading-video-story-top Nketiah, Macey, Sheaf pen new Arsenal deals
Dec 07, 2017 - 09:33
The deals follow Joe Willock, also signing a contract extension on the dotted line in early November. He played the final minute of the game, but is highly regarded among the Arsenal coaches.

isis-killer-beheading-video-story-top Minnesota Timberwolves vs Los Angeles Clippers: Lineups, preview & prediction 12/6/17
Dec 07, 2017 - 09:33
Lou Williams and Austin Rivers led the Clippers with 23 points apiece, while Jordan finished with 18 points and 21 rebounds. The big man even scored three straight baskets for his team to cut the lead to three but couldn't overcome Towns and Co.

isis-killer-beheading-video-story-top Alexis and Ozil playing for Arsenal exits? Petit questions upturn in form
Dec 07, 2017 - 09:24
Arsenal sit fifth in the table at present, one point behind Liverpool and 15 adrift of unbeaten leaders Manchester City. Wenger was pleased with how Ozil changed the game and made Arsenal play their best football in the second half.

isis-killer-beheading-video-story-top Institutional Investors Have Decreased Positions in Walgreens Boots Alliance, Inc. (NASDAQ:WBA)
Dec 07, 2017 - 09:19
The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website . Increasing profits are the best indication that a company can pay dividends and that the share price will trend upward.

isis-killer-beheading-video-story-top A's new ballpark site talks break down
Dec 07, 2017 - 09:16
Part of the problem was internal opposition, with students and administrators voting no on the idea. But the team had always faced an uphill battle in choosing the site at Laney.

isis-killer-beheading-video-story-top Cryptocurrency Miner NiceHash Hacked - $62 Million in Bitcoins Gone
Dec 07, 2017 - 09:14
This way, users can benefit from bitcoin mining without purchasing or operating the equipment themselves. The firm says that it is fully committed to restoring the service with the highest security measures.

isis-killer-beheading-video-story-top United Linked With Mata Swap For Inter Star
Dec 07, 2017 - 09:10
But only time will tell if Inter take up the offer, with the midfielder a very different type of player to Mata. Perisic dealt the Red Devils a hammer blow back in September when he signed a new five-year contract at Inter.