Ladbrokes Coral talks over takeover by Bwin owner GVC

Purvai Dua

Source: Photoshot

Shares of Ladbrokes Coral rose 25 per cent following the announcement

Gambling giant Ladbrokes Coral is in “detailed” talks over a takeover by online rival GVC over a deal that could value the group at up to £3.9bn. This is the the third time the acquisitive firm has approached Ladbrokes over a deal.

The shares of Ladbrokes Coral rose 25 per cent following the announcement, while those of GVC climbed 7 per cent.

A statement on the latest potential deal said the companies were “in detailed discussions regarding the possible combination of the two businesses”.

GVC, which owns the Bwin and Sportingbet brands, would hold 53.5 per cent of the combined group. The maximum price GVC will pay will depend on the outcome of the government’s review of gaming machines.

Ladbrokes Coral, which operates 3,500 shops across England, Wales and Scotland, became the UK’s biggest High Street bookmaker following last year’s merger of Ladbrokes and Coral.

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