Ladbrokes-Coral sells shops to Betfred and Stan James

17 October 2016

Ladbrokes and Coral have actually consented to bet9ja's welcome offer 359 stores to rival betting companies in what they state is the "last significant obstacle" for their ₤ 2.7 bn merger.

Betfred, owned by billionaire Fred Done, will buy 322 stores and Stan James the other 37 for an overall of ₤ 55.5 m.

Competition regulators ruled in July that Ladbrokes and Coral need to sell 350-400 buy their merger to be cleared.

The Competition and Markets Authority (CMA) will now examine the store deals, external.

Jim Mullen, the president of Ladbrokes, said: "The sale of these stores will clear the last considerable hurdle to delivering on the yohaig code merger with Coral and leads the way for our concentrate on conclusion and quickly delivering on the chances the merger provides."

The 2 bookmakers stated they would look for approval from the CMA to finish the merger once they sell one further shop.

Market leader

Ladbrokes and Gala Coral are the UK's 2nd and third largest retail wagering firms, behind William Hill.

Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 shops in Britain.

A merger between the two 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 boost its online offering.

It was commonly reported, external over the weekend that William Hill plans to press ahead with the ₤ 4.5 bn deal in spite of misgivings from its biggest shareholder.

Ladbrokes-Coral need to sell 350-400 shops

26 July 2016

William Hill financier snubs merger plan

14 October 2016

Investors - Ladbrokes plc