Ladbrokes Shareholders Aren’t in Agreeance with the Coral and Ladbrokes Merger Deal
The Ladbrokes and Coral merger deal is seeing some hang-ups that weren’t expected. Dermot Desmond, one percent stakeholder of Ladbrokes slammed the deal between Ladbrokes and Coral for GBP 2 billion saying as an independent company it would “effectively be the death of Ladbrokes.” Desmond is known as the next Warren Buffet in Ireland. He has built his fortunes with his career for the last 40 years and has been a shareholder for Ladbrokes for the last nine years.
The billionaire wants shareholders to get the board to ‘evaluate’ other options that would be more openly strategic for the company before completing deals like this one before it goes too far. He suggested that deals be reviewed by an independent investment bank to a clearer evaluation of purchasing options.
Desmond sent an open letter to all Ladbrokes investors with strong concerns on the independent company. Ladbrokes responded saying; “We have had significant dealings with Mr Desmond as both a shareholder and a commercial partner over recent times. We note his views and are not surprised by them as he has been in extensive dialogue with the management team and not been afraid to talk of undertaking such action.”
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