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Ladbrokes PLC (LON:LAD), a gaming and betting provider, today published an update regarding the proposed merger with the Coral Group, initially unveiled on July 24, 2015.
Ladbrokes said that both companies are actively engaged with the Competition and Markets Authority (CMA) in normal course pre-notification discussions and submissions. The next step should be when the CMA accepts a formal notification as complete, with due announcement to be made to the market.
On October 9, 2015, Ladbrokes announced the signing of a £1.35 billion facility with a syndicate of relationship banks. The facility provides the committed financing required to complete the proposed merger and will offer sufficient finance for the enlarged group following completion.
In its update today, Ladbrokes also said that work on the circular to its shareholders and notice convening a general meeting to consider and approve the merger is close to finalisation and is expected to be sent to shareholders shortly.
Jim Mullen, Chief Executive, commented:
“The proposed merger with Coral is on track and, after raising £1.35 billion bank debt to finance the merged group, we will shortly be issuing the shareholder circular. The CMA work is progressing but there is no material news that we can share on this today.”
Amid the potential beneficiaries of the merger is Playtech PLC (LON:PTEC), which is set to receive £75 million ($114.9 million) under a marketing deal with Ladbrokes dated March 2013. The receipt of the sum is conditional upon the completion of the merger.
To view the official announcement from Ladbrokes, click here.