Monday June 22,2015 : BOYLESPORTS POISED TO MAKE LADBROKES’ IRISH RETAIL TAKEOVER BID (Update)
Bid estimated to be in excess of Euro 25 million
Irish bookmaker Boylesports is poised to proceed with a Euro 25 million-plus takeover bid for Ladbrokes’ Irish retail arm, the business section of Ireland's largest-selling daily newspaper, The Independent, reported over the weekend.
Boylesports recently lost a High Court legal challenge for access to sensitive information on Ladbrokes’ loss-making Irish retail business which was placed under High Court protection earlier this year .
The company wanted information from examiner Ken Fennell of Deloitte on Ladbrokes Ireland’s individual store turnover, the number of betting slips issued by each shop and existing leases before making a bid.
According to The Independent, Boylesports founder and chief executive John Boyle confirmed the company remained committed to making a bid for the retail business despite losing the legal challenge.
Ladbrokes’ retail estate comprises 196 shops, of which Boylesports said it may look at closing eight should it make a successful bid, significantly less than Ladbrokes’ expected closure of as many as sixty.