Ladbrokes-Coral offers stores to Betfred and Stan James
17 October 2016
Ladbrokes and Coral have consented to sell 359 stores to competing betting companies in what they state is the yohaig code "last substantial obstacle" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will purchase 322 stores and Stan James the other 37 for a total of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral should sell 350-400 purchase their merger to be cleared.
The Competition and Markets Authority (CMA) will now examine the shop offers, external.
Jim Mullen, the president of Ladbrokes, said: "The sale of these stores will clear the last considerable difficulty to delivering on the merger with Coral and leads the way for our focus on completion and quickly providing on the yohaig code chances the merger uses."
The 2 bookies said they would look for approval from the CMA to complete the merger once they sell one additional shop.
Market leader
Ladbrokes and Gala Coral are the UK's 2nd and third biggest retail wagering companies, behind William Hill.
Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 stores in Britain.
A merger between the two would make them the UK's biggest High Street bookmaker.
However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the yohaig code PokerStars franchise, to stay up to date with the competitors and bolster its online offering.
It was widely reported, external over the weekend that William Hill prepares to push ahead with the yohaig code ₤ 4.5 bn bet9ja's welcome offer regardless of misgivings from its biggest shareholder.
Ladbrokes-Coral must sell 350-400 shops
26 July 2016
William Hill investor snubs merger strategy
14 October 2016
Investors - Ladbrokes plc
