The Sunday Times expects the £2.3 billion Ladbrokes-Coral merger to be confirmed this week, with the operators agreeing to sell between 350 and 400 betting shops.
Ladbrokes governance cancelled this week’s business presentation by CEO Jim Mullen, in which its leader would further outline the firm’s business strategy under his stewardship.
Updating stakeholders, the company has decided to defer Mullen’s review to a later date.
The Ladbrokes-Coral merger which was first announced in June 2015 has entered its final regulatory hurdles. Following a review by the UK Competition and Markets Authority (CMA), the businesses have been forced to sell a significant portion of their retail betting inventory, in order to meet UK fair competition standards.
Ladbrokes and Coral governances have presented plans on their disposable retail assets. The CMA will now grant the bookmakers the right to sell the inventory to a suitable buyer.
In a further update, The Sunday Times reports that Gala Coral senior management will be rewarded with a £50 million windfall once the deal is finalised.