Wednesday November 18,2015 : LADBROKES SHAREHOLDER SLAMS PROPOSED MERGER WITH CORAL
It’s the wrong deal, says Dermot Desmond.
One percent Ladbrokes stakeholder, billionaire Dermot Desmond, slammed the GBP 2 billion deal between Ladbrokes and Coral in an open letter to investors, saying it would “effectively be the death of Ladbrokes” as an independent company.
Desmond wants Ladbrokes shareholders to instruct the board to evaluate other strategic options open to it before this deal is complete and goes so far as to suggest a review of the deal by an independent investment bank.
A Ladbrokes response said: “We have had significant dealings with Mr Desmond as both a shareholder and a commercial partner over recent times.
“We note his views and are not surprised by them as he has been in extensive dialogue with the management team and not been afraid to talk of undertaking such action.”