Ladbrokes Coral targets Q1 closure for GVC Holdings proposition

Issuing a market update, Ladbrokes Coral governance has detailed that it will move to publish a ‘scheme document’ detailing full information on GVC Holdings £4 billion takeover deal (first announced 7 December).

The document which aims to be published by early/mid-February will further inform stakeholders on the deals legal proceedings (Court Meeting) and notices convening at Ladbrokes Coral General Meeting.

On the date of publication of the Scheme Document, Ladbrokes Coral will issue a further announcement containing a trading update in respect of the year ended 31 December 2017.

On 22 December, Ladbrokes Coral governance confirmed that it had accepted the terms of GVC Holdings takeover bid, proposing a deal of £4 billion dependent on the final outcome of the pending UK government review of FOBTs wagering levels.

Should the takeover be accepted by Ladbrokes Coral shareholders, the FTSE firm will move to complete the acquisition by Q1 or early Q2 2018.

In accordance with London’s City Code on acquisitions and takeovers, upon completing the merger with GVC Holdings, Ladbrokes Coral will suspend its premium listing as a FTSE enterprise.

If the acquisition completes prior to the publication of Ladbrokes Coral’s full-year results it is likely that the publication will be further deferred as permitted by the Act.

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