The UK Financial Times reports that GVC Holdings has failed in a takeover attempt of Ladbrokes Coral Plc.
Ladbrokes Coral governance had reviewed a £3.6 billion group takeover deal, but has apparently decided not to take the bid to its investors in a dispute over price for the group. The bid was aimed at creating ‘the outright UK gambling market leader’, by merging GVC’s digital gambling brands with Ladbrokes Coral retail and online assets, the Financial Times said.
The paper said GVC governance valued Ladbrokes Coral group assets at £2.7 billion, with a proposed incentive of 50p per share, pricing its bid at £3.6 billion.
Ladbrokes Coral governance has rejected the deal, and the Times quoted unnamed sources as saying the two sides are no longer in talks. Both Ladbrokes Coral and GVC declined to comment on the bid.
