SBC News Ladbrokes Coral targets Q1 closure for GVC Holdings proposition

Ladbrokes Coral targets Q1 closure for GVC Holdings proposition

Issuing a market update, Ladbrokes Coral governance has detailed that it will move to publish a ‘scheme document’ detailing full information on GVC Holdings £4 billion takeover deal (first announced 7 December).

The document which aims to be published by early/mid-February will further inform stakeholders on the deals legal proceedings (Court Meeting) and notices convening at Ladbrokes Coral General Meeting.

On the date of publication of the Scheme Document, Ladbrokes Coral will issue a further announcement containing a trading update in respect of the year ended 31 December 2017.

On 22 December, Ladbrokes Coral governance confirmed that it had accepted the terms of GVC Holdings takeover bid, proposing a deal of £4 billion dependent on the final outcome of the pending UK government review of FOBTs wagering levels.

Should the takeover be accepted by Ladbrokes Coral shareholders, the FTSE firm will move to complete the acquisition by Q1 or early Q2 2018.

In accordance with London’s City Code on acquisitions and takeovers, upon completing the merger with GVC Holdings, Ladbrokes Coral will suspend its premium listing as a FTSE enterprise.

If the acquisition completes prior to the publication of Ladbrokes Coral’s full-year results it is likely that the publication will be further deferred as permitted by the Act.

Check Also

Jette Nygaard-Andersen takes charge of Entain as new CEO

Entain keeps post-H1 consensus ahead of critical portfolio refresh

Entain Plc has reported that it continues to achieve strategic objectives, as its business benefits …

SBC News Entain: Lionesses' roaring success translating to the betting slip

Entain: Lionesses’ roaring success translating to the betting slip

Bettor engagement with the UEFA Women’s Euros is at an all time high according to …

SBC News Report: DAZN seeking to replicate Sky Bet success in UK market

Report: DAZN seeking to replicate Sky Bet success in UK market

A few months after announcing the planned launch of its sports betting venture in the …