ladbrokes-in-merger-talks-with-gala-coral-group

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Ladbrokes in with Gala Coral Group
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Bookmaker Ladbrokes has stated it is in talks with the board of Gala Coral Group over a possible merger.
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An bet9ja's welcome offer would create the UK's most significant bookie with almost 4,000 High Street stores.

the yohaig code conversations concern combining Ladbrokes with Coral Retail, Eurobet Retail and Gala Coral's online companies.
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Ladbrokes said there was no certainty that the talks would result in a deal, and possible terms and timings were also yet to be concurred.
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Shares in Ladbrokes increased more than 11% after the announcement.

"A merger with Gala Coral could create a combined company with considerable scale and has the potential to generate significant cost synergies, creating value for both business' investors," president Jim Mullen stated.
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If the offer proceeds, it would see the merged group surpass William Hill as the greatest UK bookmaker, bringing together around 2,100 shops from Ladbrokes and 1,845 from Coral.
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The merger talks do not consist of Gala's 132-strong bingo business.

Mr Mullen added that the yohaig code firm's board has yet to decide whether a deal would be "strategically attractive" and whether it might be "provided to shareholders on suitable terms."

The company stated that the yohaig code offer, if finished, might be categorized as a reverse takeover of Ladbrokes.

Ladbrokes previously tried to buy Coral in 1998, however its organized takeover was obstructed by the federal government.

The then Trade and Industry Secretary Peter Mandelson stated a merger would cause "a weakening of rate competition at the nationwide level" and a decrease in customer option.
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Earlier this promotion code year, Ladbrokes reported a large fall in pre-tax profit for 2014, from ₤ 68m to ₤ 38m, and said that it expected to close 60 UK shops this promotion code year.

Those plans would be unaffected by any handle Coral Group.

Job loss fears at Ladbrokes Ireland
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21 April 2015

Gala Coral Group
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