Tuesday November 24,2015 : LADBROKES SHAREHOLDERS APPROVE GALA CORAL MERGER (Update)
New company to be known as Ladbrokes Coral Plc.
At a Ladbrokes general meeting Tuesday, 96 percent of shareholders voted in favour of the company’s merger with Gala Coral Group Limited to become Ladbrokes Coral plc following other regulatory approvals.
96 percent of shareholders also voted in favour of authorising the directors to allot shares and 94 percent were in favour of approving the waiver granted by the Takeover Panel in respect of a mandatory offer obligation arising upon the issue of shares at completion of the merger.
In a separate statement, Rob Templeman, chairman of Gala Coral said: “We are pleased Ladbrokes has secured the support of its shareholders for the proposed merger of Ladbrokes and Gala Coral.
“This is a very important milestone in the process and reflects the compelling logic of combining our businesses.
“Both Ladbrokes and Gala Coral continue to work constructively with the Competition and Markets Authority and a further update will be provided in due course.”