High Court gives green light on Ladbrokes Coral’s takeover by GVC

28 Mar 2018

Ladbrokes CoralUK's High Court approval of the £4bn (€4.49bn/$5.55bn) deal between GVC and Ladbrokes Coral has taken place. As a result the merge is well on its way towards going into full effect shortly, as it has already been accepted by the Competitions and Markets Authority (CMA) and shareholders of the two entities involved. GVC announced an official calendar earlier in the year with all milestones regarding the merge. Following up on that it informed shareholders that they are well within the suggested timeframe they had set back in February.

Shares are bound to be delisted from London's Stock Exchange. Specifically, 273 million €0.01 GVC shares are up for trading, according to the application submitted by the company. According to the terms of the deal Ladbrokes Coral shareholders will get 0.141 new GVC shares for 32.7p per share. However, there is room for an increased price per share of up to 42.8p, but that's going to be determined by the government's decision on FOBT stakes. If the government goes forward with a resolution that's advantageous to FOBT operators, the deal might go all the way up to £4bn and beyond.

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