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NEWS 12 December 2016

GVC linked with reverse Ladbrokes Coral takeover

By Tom Lewis
According to a report published in the Financial Times, the newly merged entity of Ladbrokes Coral has been targeted for a reverse takeover by online gambling group GVC Holdings.

GVC’s proposed bid, though remaining a rumour at present, reportedly values Ladbrokes Coral at £3.2bn, with both GVC and Ladbrokes Coral yet to comment on the ensuing speculation.

Any potential takeover would come as unexpected, with GVC and Ladbrokes Coral both engaged in periods of corporate restructuring, GVC having completed its £1.1bn takeover of bwin.party in February 2016.

Ladbrokes Coral is also said to be considering a bid for Australian operator Tabcorp, a company that itself recently agreed to merge with fellow Australian gambling giant Tatts.

The Financial Times also reported that “people familiar with the sector” have said discussions between GVC and Ladbrokes Coral may already have collapsed.

In related news, GVC Chief Executive Kenny Alexander reportedly spurned the recent advances of William Hill, with the British bookmaker remaining in the hunt for a suitable individual willing to fill the role of CEO after James Henderson stepped down from the position in July.

RELATED TAGS: Mergers & Acquisitions | Industry
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