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Gala Coral and Ladbrokes Merger
Monday July 20,2015 : GALA CORAL - LADBROKES DEAL LATEST (Update)
Announcement expected this week.
Merger negotiations which began in June this year between Gala Coral and Ladbrokes are about to bear fruit, according to the London publication CityAM, which reported Monday that an announcement on the deal is expected this week.
The merger of the second and third largest gambling groups in the UK would create a powerhouse worth GBP 3.5 billion that eclipses market leader William Hill plc, the newspaper notes.
Ladbrokes, currently valued at GBP 1.2 billion, is expected to issue new shares to buy Gala, which is owned by a collective of private equity investors including Apollo Global Management, Candover Investments and Cerberus Capital Management.
Gala Coral Group believes that a merger with Ladbrokes “has the potential to be strongly value accretive for both companies’ shareholders”.
The news comes on the heels of 888 Holdings' successful GBP 898 million bid for rival Bwin.Party last week.
Ladbrokes and Gala Coral have not yet commented on the report that a deal is imminent. Back in 1998 a Ladbrokes attempt to acquire Gala was stifled by a Labour government veto on grounds that it had the potential to be anti-competitive.
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US$30M DUBAI WORLD CUP -
Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines
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NBA Odds: Hawks, Wiz in Southeast Showdown -
The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.
NBA Odds: Clippers Try to Slow Down Bucks in LA -
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NHL Odds: Canadiens Welcome Islanders Tonight -
The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.
NHL Odds: Reeling Flyers Seek Relief in Pittsburgh -
#nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.
Dollars to Donuts Slot Launch -
Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.
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