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".

A's new ballpark site talks break down
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.

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 August Ames death: Is this why adult film star, 23, died?
Dec 07, 2017 - 12:08
The Ventura County Medical Examiner Media spokesperson EXCLUSIVELY revealed to HollywoodLife .com the cause of her death. Following the post, Ames was accused of being homophobic , as social media users clamored for her to issue an apology.

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 Deadline for linking Aadhaar likely to be extended to March 31
Dec 07, 2017 - 09:57
If you are already registered at the income tax department's e-Filing portal, log in using your ID, password and date of birth. Pan card: Linking of Aadhaar Card to the PAN card can help to stop illegal transaction of money through fake pan cards.

Superhot 'Rouge-Like' Expansion Announced With Reveal Trailer
Dec 07, 2017 - 09:56
The game will force you through dozens of increasingly hard time-moves-only-when-you-move gameplay challenges. As for the main release, the company expects it to be available late next year for consoles and PC alike.

isis-killer-beheading-video-story-top Report recommends mandatory treatment for all drinking water
Dec 07, 2017 - 09:49
The Minister for Economic Development says the country's water issues are "a lot more widespread than previously thought". Parker said the Government had not yet decided which of the recommendations it supported and which, if any, it opposed.

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".

isis-killer-beheading-video-story-top Raila Odinga says no to 'nusu mkate' with Uhuru
Dec 07, 2017 - 09:39
Opposition leader Raila Odinga's planned swearing-in ceremony is on course, his adviser Salim Lone has said. According to a report by the Star , Raila was adamant and rejected any suggestion of a unity government.

isis-killer-beheading-video-story-top Former 'prophet' of doomsday church to appear in court following Amber Alert
Dec 07, 2017 - 09:34
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.

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 Federation Internationale de Football Association lifts 2-year ban of Kuwait
Dec 07, 2017 - 09:28
It was later reiterated in a statement by Infantino during a meeting with Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. QFA chief Sheikh Hamad congratulated Kuwait saying it was a happy occasion for Kuwait as well as for the Gulf Cup football fans.

isis-killer-beheading-video-story-top Activists push to pass DREAM Act before end of year
Dec 07, 2017 - 09:17
It's unclear what, exactly, any agreement over DACA might look like ahead of the program's current end date on Friday. On Monday, Texas Sen. "I grew up here, I don't remember where I'm from, and I think that the U.S.is my home country".

isis-killer-beheading-video-story-top Weird! Buhari 'Commissions' Release of 500 Prisoners in Kano
Dec 07, 2017 - 09:16
President Muhammadu Buhari Wednesday in Kano granted amnesty to 500 prison inmates of the Kano Central Prison situated at Kurmawa. A mammoth crowd was also at the airport and along the major streets in the metropolis, giving the president a rousing welcome.

isis-killer-beheading-video-story-top Pelicans forward Anthony Davis day-to-day with left adductor strain
Dec 07, 2017 - 09:14
Davis, a four-time All-Star, was injured on a noncontact play in the fourth quarter of Friday night's loss to the Utah Jazz. Will Barton had a solid first half with 13 points and Lyles finished with a double-double; ten points and ten rebounds.

isis-killer-beheading-video-story-top Abbott's bid to delay marriage bill fails
Dec 07, 2017 - 09:14
This is the time frame more than 100 MPs had to share their thoughts on same-sex marriage in a speech to Queensland Parliament. All amendments were struck down, and the bill passed unchanged from the one that cleared the Senate last week.