Ladbrokes Coral bought by online competing GVC

22 December 2017

Gambling huge Ladbrokes Coral has consented to be purchased by online competing GVC in a deal worth as much as ₤ 4bn.
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Under the bet9ja's welcome offer, shareholders in GVC - which owns the Bwin, Sportingbet and Foxy Bingo brands - will hold 53.5% of the combined group.

Ladbrokes Coral ended up being the UK's most significant High Street bookie following last year's merger of Ladbrokes and Coral.
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The company has about 3,500 High Street outlets and employs more than 25,000 personnel.

GVC - which has 2,800 workers - has grown quickly recently through a variety of takeovers, most notably that of Bwin.party in February last year.

Terminal blues
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The last worth of the deal is dependent on the federal government's review of video gaming devices known as fixed-odds wagering terminals (FOBTs).

The Department of Culture, Media and Sport (DCMS) has said it will cap the size of stakes bettors can make on FOBTs, amid concerns they may hurt susceptible people.
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Ministers have actually proposed that bets on the devices must be cut from an optimum of ₤ 100 a spin to someplace between ₤ 2 and ₤ 50.

GVC and Ladbrokes Coral have stated that the review might hit the profitability of Ladbrokes Coral's UK business.

Ladbrokes Coral brand names:
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Ladbrokes, Coral, Gala Casino, Gala Bingo, Eurobet, Betdaq, Sportium

GVC brand names:

Bwin, Sportingbet, Betboo, Gamebookers, Partypoker, Partycasino, CasinoClub, Gioco Digitale, Foxy Bingo, Foxy Casino
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Under the terms of the deal, for each share that Ladbrokes Coral shareholders own, they will get 32.7 p in money and 0.141 ordinary GVC shares, plus a "contingent value right" worth approximately 42.8 p.
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the yohaig code size of this promotion code contingent entitlement will be decided by the outcome of the DCMS evaluation.

GVC chief executive Kenneth Alexander explained the takeover deal as "a truly amazing prospect".

Ladbrokes Coral chairman John Kelly stated the tie-up with GVC would "enhance the client experience, drive much faster online growth and construct a more varied and substantial global portfolio of businesses".
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in ₤ 3.9 bn takeover talks

7 December 2017

Ladbrokes Coral hit with ₤ 2.3 m penalty

6 November 2017