Shareholders of Isle of Man based gambling giant GVC Holdings PLC have voted in favor of a merger with Ladbrokes Coral PLC, the company announced on Thursday.Ahead of its annual earnings report which will be released on Friday, GVC Holdings said that at a general meeting, its shareholders almost unanimously favored the upcoming merger with its sister company Ladbrokes Coral.
At present, Ladbrokes Coral sponsors the Scottish Professional Football League and the Rugby Football League Challenge Cup as well as a number of horse racing events.Bookmakers have warned that a cut of the maximum FOBTs stake could result in a massive closure of betting shops across the country.
Last month, the British bookmaker announced that it was reviewing its Australian business and that its sale was under consideration.It was understood that Paddy Power Betfair’s Australian business Sportsbet, Ladbrokes, and bet365 have all made offers for William Hill’s Australian betting brands, each valuing these at around A$200 million.
The proposed takeover of British bookmaker Ladbrokes Coral by Isle of Man-headquartered GVC Holdings could result in more than 1,600 employees of the combined entity losing their jobs, the two companies revealed in a new round of details about the deal.As for Ladbrokes Coral, which was formed back in 2016 through a merger between Ladbrokes and Coral, is employer to over 25,000 people.
The UK Competition and Markets Authority is set to review the proposed acquisition of major gambling operator Ladbrokes Coral by GVC Holdings.It was announced later that month that Ladbrokes Coral has agreed to a takeover by its online gambling counterpart.
33 billion on the table, GVC has given Ladbrokes Coral and its own shareholders something to think about after publishing its 2017 earnings report.In Q4 2017, GVC saw 24 percent growth across its betting platforms, and 22 percent growth for net gaming revenue overall.
Today, gambling operator GVC Holdings officially announced that it reached an agreement to buy the UK bookmaker Ladbrokes Coral Group for a prize amounting to up to £4 billion.GVC-Ladbrokes Merger Could Spark Further Consolidation The takeover deal reached between GVC Holdings and Ladbrokes Coral could be the spark that would light the fire towards further consolidation in the UK gambling sector.
If a takeover is in the cards, the deal could be worth £3.com) Dollars and Pence If GVC Holdings, which is based in the Isle of Man, were to absorb Ladbrokes Coral, two companies who recently merged themselves, they would hold 53.