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Ladbrokes Coral purchased by online competing GVC
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22 December 2017
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Gambling huge Ladbrokes Coral has consented to be bought by online rival GVC in an bet9ja's welcome offer worth up to ₤ 4bn.

Under the deal, shareholders in GVC - which owns the Bwin, Sportingbet and Foxy Bingo brand names - will hold 53.5% of the combined group.

Ladbrokes Coral became the UK's greatest High Street bookmaker following in 2015's merger of Ladbrokes and Coral.

The business has about 3,500 High Street outlets and employs more than 25,000 personnel.

GVC - which has 2,800 staff members - has proliferated over the last few years through a number of takeovers, most significantly that of Bwin.party in February last year.

Terminal blues

The final worth of the bet9ja's welcome offer depends on the government's review of gaming devices called fixed-odds betting terminals (FOBTs).

The Department of Culture, Media and Sport (DCMS) has stated it will cap the size of stakes bettors can make on FOBTs, in the middle of issues they may harm vulnerable individuals.

Ministers have proposed that bets on the devices should be cut from an optimum of ₤ 100 a spin to somewhere in between ₤ 2 and ₤ 50.

GVC and Ladbrokes Coral have stated that the evaluation could hit the success of Ladbrokes Coral's UK service.
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Ladbrokes Coral brand names:

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

GVC brands:

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

Under the terms of the deal, for each share that Ladbrokes Coral investors own, they will get 32.7 p in money and 0.141 common GVC shares, plus a "contingent value right" worth approximately 42.8 p.
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The size of this promotion code contingent entitlement will be decided by the of the DCMS evaluation.
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GVC president Kenneth Alexander described the yohaig code takeover deal as "a truly exciting possibility".

Ladbrokes Coral chairman John Kelly stated the tie-up with GVC would "improve the consumer experience, drive faster online growth and build a more varied and extensive global portfolio of organizations".

Ladbrokes Coral in ₤ 3.9 bn takeover talks

7 December 2017

Ladbrokes Coral hit with ₤ 2.3 m charge

6 November 2017
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