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Ladbrokes-Coral sells shops to Betfred and Stan James
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17 October 2016
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Ladbrokes and Coral have actually consented to sell 359 stores to rival betting companies in what they say is the "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.
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Competition regulators ruled in July that Ladbrokes and Coral must offer 350-400 stores for their merger to be cleared.
The Competition and Markets Authority (CMA) will now examine the shop deals, .
Jim Mullen, the president of Ladbrokes, stated: "The sale of these stores will clear the yohaig code last significant obstacle to providing on the merger with Coral and paves the method for our focus on conclusion and rapidly providing on the opportunities the merger offers."
The 2 bookmakers stated they would look for approval from the CMA to finish the merger once they sell one additional store.
Market leader
Ladbrokes and Gala Coral are the UK's second and third largest retail wagering firms, behind William Hill.
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Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 shops in Britain.
A merger in between the 2 would make them the UK's largest High Street bookie.
However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to stay up to date with the competition and reinforce its online offering.
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It was commonly reported, external over the weekend that William Hill plans to push ahead with the ₤ 4.5 bn deal in spite of misgivings from its largest investor.
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Ladbrokes-Coral Sells Shops to Betfred and Stan James
seantal9770818 edited this page 2025-10-19 16:47:54 +08:00