Manchester independent bookmaker has joined in examinership proceedings for Ladbrokes Ireland as a possible bidder for the division of Ladbroke’s UK.
Boylesports has already announced its intent to bid for Ladbrokes, and Ladbrokes itself has put forward a rescue plan for its business division.
The Irish Times reported Betfred is studying whether to make a bid for Ladbrokes, but it’s not clear if the company will make an actual bid.
Betfred has not commented.
Meanwhile, Boylesports has said they are willing to invest an eight figure sum in the Ladbrokes Irish division, should they be granted approval for takeover.
Ladbrokes Ireland has appointed auditor Deloitte to serve as examiner for the division. The company is planning to close 60 of 196 Irish retail properties.
Ladbrokes UK and Deloitte have also put forward a rescue package to the Irish High Court, saying the plan will offer better conditions for the division than Boylesport’s plans.
Boylesports responded by challenging their examinership process, saying it is being orchestrated to keep Ladbrokes Ireland under the ownership of Ladbrokes UK.
Boylesports has also argued that it has not been handed sufficient information from Ladbrokes Ireland to put together a bid.
Irish courts ruled for Boylesports and allow the company’s senior management time to investigate Ladbrokes Irish properties and performance in the region before submitting a purposed deal for the division and its assets. The company can serve short notice on Ladbroke Ireland Ltd; Ladbroke Leisure Ireland Ltd and Dara Properties Ltd.
Boylesports has further been granted time to enquire on examiner Deloitte’s intentions regarding Ladbrokes Ireland.
In the midst of this, a rumor that Paddy Power is preparing a 1.6 billion pound takeover bid for Ladbrokes UK has sent the companies’ stocks rising.
