GVC Offers Ladbrokes Coral £3.6 Billion in Buyout Effort to Create World’s Largest Betting Companies
GVC, online gambling group offered more than 3.5 billion for Ladbrokes Coral. The gambling group wants to create one of the biggest betting companies in the industry, but reports confirm that the offer was declined. Although the deal was declined there are still talks amongst other British gambling groups about consolidating with other companies to create bigger gaming groups. The reason for talks about merging is due to the new regulatory crackdowns by the authorities in the UK.
This attempt is the second time that GVC proposed a buyout deal. Last year, at this time, they were discussing a 2.2 billion takeover, but once again the offer was declined. There have been disagreements with the value of the companies, especially now with the uncertainty of the UK’s review on the gambling sector.
According to a couple different people familiar with the proposal, Ladbrokes Coral was valued at 140p per share, which equals out to be 2.7 billion, this includes its 3,500 betting shops. With the allocated share value this would have upped the final price of the takeover offer to 3.6 billion. Tuesday of this week Ladbrokes Coral shares were trading for an impressive 119.6p.
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