Ladbrokes says anticipated merger with Coral on track

Gaming and betting provider Ladbrokes PLC (LON:LAD) has earlier today published its report for the full year 2015, with the report including an update regarding the anticipated merger with certain businesses of Gala Coral Group Limited.

Ladbrokes said the merger is on track with shareholders’ approval secured in November 2015 and the Competition and Markets Authority (CMA) phase 2 process underway.

Ladbrokes is actively engaged with the CMA in the process. The company expects to see the preliminary findings of the CMA in late April with the final report expected in June 2016.

The company is meanwhile focusing on the implementation of the organic strategy and the delivery of business as usual.

To mention some numbers regarding the financial impact of the proposed merger thus far: Ladbrokes incurred corporate transaction costs of £17.6 million in relation to the proposed deal.

Earlier this month, the UK CMA published an Issues Statement as a part of its review of the anticipated merger between Ladbrokes and Coral. A substantial part of the statement was dedicated to Playtech PLC (LON:PTEC), which provides Ladbrokes and Gala Coral, as well as other betting and gaming operators with betting and gaming software and services. The CMA said back then it will not investigate a hypothesis that Playtech would favor the merged business of Ladbrokes and Coral.

Subject to anticipated merger completion, Playtech is set to receive £75 million, under a marketing services agreement between PTTS and the Ladbrokes Group dated March 2013.

You can view the full report from Ladbrokes on its 2015 results by clicking here.

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