Ladbrokes-Coral offers stores to Betfred and Stan James
17 October 2016
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and Coral have accepted 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 purchase 322 stores and Stan James the other 37 for a total of ₤ 55.5 m.
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Competition regulators ruled in July that Ladbrokes and Coral must offer 350-400 buy their merger to be cleared.
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The Competition and Markets Authority (CMA) will now examine the store deals, external.
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Jim Mullen, the primary executive of Ladbrokes, stated: "The sale of these shops will clear the last substantial hurdle to providing on the yohaig code merger with Coral and paves the way for our focus on completion and rapidly delivering on the chances the merger provides."
The two bookmakers said they would look for approval from the CMA to finish the merger once they sell one more store.
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Market leader
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Ladbrokes and Gala Coral are the UK's 2nd and third largest retail wagering firms, behind William Hill.
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Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 shops in Britain.
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A merger in between the 2 would make them the UK's largest High Street bookie.
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 reinforce its online offering.
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It was widely reported, external over the weekend that William Hill prepares to push ahead with the ₤ 4.5 bn deal regardless of misgivings from its biggest investor.
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26 July 2016
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14 October 2016
Investors - Ladbrokes plc
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Ladbrokes-Coral Sells Shops to Betfred and Stan James
milopasco28713 edited this page 2025-10-25 15:02:18 +08:00