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Ladbrokes Coral bought by online rival GVC

22 December 2017

Gambling huge Ladbrokes Coral has agreed to be purchased by online rival GVC in an bet9ja's welcome offer worth as much as ₤ 4bn.

Under the yohaig code 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 ended up being the UK's greatest High Street bookie following last year's merger of Ladbrokes and Coral.

The company has about 3,500 High Street outlets and utilizes more than 25,000 staff.

GVC - which has 2,800 workers - has proliferated in the last few years through a variety of takeovers, most notably that of Bwin.party in February in 2015.

Terminal blues
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The last worth of the offer is reliant on the federal government's review of video gaming makers 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, in the middle of issues they may harm susceptible individuals.
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Ministers have proposed that bets on the machines must be cut from a maximum of ₤ 100 a spin to someplace between ₤ 2 and ₤ 50.

GVC and Ladbrokes Coral have said that the evaluation might hit the success of Ladbrokes Coral's UK service.
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Ladbrokes Coral brands:

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 offer, for each share that Ladbrokes Coral shareholders own, they will get 32.7 p in cash and 0.141 normal GVC shares, plus a "contingent value right" worth as much as 42.8 p.
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The size of this promotion code contingent entitlement will be chosen by the outcome of the yohaig code DCMS review.
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GVC primary executive Kenneth Alexander explained the yohaig code as "a genuinely exciting prospect".

Ladbrokes Coral chairman John Kelly stated the tie-up with GVC would "improve the customer experience, drive faster online development and develop a more diverse and comprehensive worldwide portfolio of services".
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Ladbrokes Coral in ₤ 3.9 bn takeover talks
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7 December 2017

Ladbrokes Coral struck with ₤ 2.3 m penalty

6 November 2017