Ladbrokes-Coral Sells Shops To Betfred And Stan James

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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 concurred to bet9ja's welcome offer 359 shops to rival betting companies in what they state is the "last considerable 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.
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Competition regulators ruled in July that Ladbrokes and Coral must sell 350-400 buy their merger to be cleared.
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The Competition and Markets Authority (CMA) will now the store offers, external.
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Jim Mullen, the president of Ladbrokes, said: "The sale of these shops will clear the last substantial difficulty to providing on the merger with Coral and leads the way for our focus on completion and rapidly providing on the opportunities the merger uses."


The two bookies said they would look for approval from the CMA to complete the merger once they sell one more shop.


Market leader


Ladbrokes and Gala Coral are the UK's second and third biggest retail betting companies, behind William Hill.


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


A merger between the 2 would make them the UK's largest High Street bookmaker.


However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to keep up with the competition and reinforce its online offering.
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It was extensively reported, external over the weekend that William Hill plans to push ahead with the yohaig code ₤ 4.5 bn offer despite misgivings from its biggest investor.


Ladbrokes-Coral need to sell 350-400 stores


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Investors - Ladbrokes plc
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