ladbrokes-coral-bought-by-online-rival-gvc

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Ladbrokes Coral bought by online competing GVC
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22 December 2017
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Gambling huge Ladbrokes Coral has consented to be purchased by online rival GVC in an bet9ja's welcome offer worth approximately ₤ 4bn.
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Under the offer, shareholders in GVC - which owns the Bwin, Sportingbet and Foxy Bingo brand names - will hold 53.5% of the combined group.
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Ladbrokes Coral became the UK's biggest High Street bookmaker following last year's merger of Ladbrokes and Coral.

The business has about 3,500 High Street outlets and uses more than 25,000 staff.
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GVC - which has 2,800 staff members - has actually grown quickly over the last few years through a number of takeovers, most notably that of Bwin.party in February last year.
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Terminal blues

The last worth of the offer is dependent on the yohaig code government's evaluation of gaming machines understood as fixed-odds betting terminals (FOBTs).
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The Department of Culture, Media and Sport (DCMS) has stated it will cap the size of stakes bettors can make on FOBTs, amidst issues they might hurt susceptible individuals.

Ministers have actually proposed that bets on the makers should be cut from an optimum of ₤ 100 a spin to someplace in between ₤ 2 and ₤ 50.
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GVC and Ladbrokes Coral have stated that the review might strike the success of Ladbrokes Coral's UK business.

Ladbrokes Coral brands:

Ladbrokes, Coral, Gala Casino, Gala Bingo, Eurobet, Betdaq, Sportium

GVC brand names:

Bwin, Sportingbet, Betboo, Gamebookers, Partypoker, Partycasino, CasinoClub, Gioco Digitale, Foxy Bingo, Foxy Casino

Under the terms of the offer, for each share that Ladbrokes Coral shareholders own, they will get 32.7 p in money and 0.141 ordinary GVC shares, plus a "contingent worth right" worth up to 42.8 p.

The size of this promotion code contingent entitlement will be chosen by the result of the DCMS review.

GVC chief executive Kenneth Alexander explained the takeover offer as "a truly exciting possibility".
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Coral chairman John Kelly said the tie-up with GVC would "enhance the customer experience, drive much faster online growth and construct a more diverse and extensive worldwide portfolio of businesses".

Ladbrokes Coral in ₤ 3.9 bn takeover talks

7 December 2017

Ladbrokes Coral struck with ₤ 2.3 m charge

6 November 2017