GVC fails in new takeover bid for Ladbrokes-Coral – reports

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GVC fails in new takeover bid for Ladbrokes-Coral – reportsGVC Holdings has failed in another takeover approach for Ladbrokes-Coral, after talks over a deal worth up to £3.6bn (€3.9bn/$4.6bn) reportedly broke down.

Citing sources close to the matter, the Financial Times newspaper has reported that discussions took place in recent weeks, with GVC valuing the company at approximately 140p per share, or £2.7bn.

However, GVC is also said to have proposed an uplift of around 50p per share, depending on the outcome of a regulatory review, which could have pushed the overall price up to £3.6bn.

The latest approach comes after GVC in December held talks with Ladbrokes-Coral, which merged late last year, over a takeover deal worth up to £3.2bn.

The proposed reverse takeover deal was said to be structured similarly to GVC’s successful £1.1bn takeover of bwin.party in 2015, in that it was formed mostly of shares.

However, talks over a potential merger eventually collapsed.

GVC and Ladbrokes-Coral have so far declined to comment on reports of the latest round of talks.

source : www.igamingbusiness.com

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