BoyleSports in Bidding War For Ladbrokes Betting Shops

BOYLE SPORTS IN GBP 100 MILLION BID FOR LADBROKES AND CORAL BETTING SHOPS
 
Irish bookmaking group wants those 350 to 400 retail outlets that the merged Ladbrokes-Coral giant will have to shed.
 
The 350 to 400 retail betting shops across the UK that the Competition and Markets Authority has ordered Ladbrokes and Coral to shed in order to proceed with their planned GBP 2.3 billion merger have attracted the attention of Irish online and land bookmaker Boyle Sports.
 
Irish media reports over the weekend have revealed that Boyle has assembled an approximately GBP 100 million bid for the British shops, heralding the major transformative impact it will have on the company.
 
Boyles retail director Jenna Boyle has confirmed her companys interest in acquiring the shops, revealing that it submitted its bid on Friday.
 
Earlier, chief executive and founder John Boyle made no secret of his ambitions to expand into the British market, saying that the CMA ruling represented a great opportunity to introduce fresh competition.
 
Ladbrokes operates about 2,227 betting shops in the UK and Coral about 1,850. The CMA wants them to substantially complete the sale of the shops before the merger can go ahead.
 
“It is now for the parties to propose a divestment package and one or more suitable purchasers for the CMA to approve,” Martin Cave, who chaired the inquiry, said two weeks ago.
 
Media reports indicate that Boyle will have some competition in the bidding; Betfred is reportedly interested, along with a number of private equity firms. Both Ladbrokes and Coral have indicated they are prepared to comply with the CMA ruling in divesting the shops, and have revealed that talks with a number of potential buyers are in progress.