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Ladbrokes-Coral sells shops to Betfred and Stan James
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17 October 2016
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Ladbrokes and Coral have actually consented to sell 359 stores to rival betting companies in what they state is the "last considerable difficulty" for their ₤ 2.7 bn merger.
Betfred, owned by billionaire Fred Done, will buy 322 shops and Stan James the other 37 for an overall of ₤ 55.5 m.
Competition regulators ruled in July that Ladbrokes and Coral need to bet9ja's welcome offer 350-400 buy their merger to be cleared.
The Competition and Markets Authority (CMA) will now examine the store deals, external.
Jim Mullen, the president of Ladbrokes, stated: "The sale of these shops will clear the last significant obstacle to providing on the merger with Coral and leads the way for our concentrate on conclusion and rapidly delivering on the chances the merger provides."
The 2 bookies said they would look for approval from the CMA to finish the yohaig code merger once they offer one more shop.
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Market leader
Ladbrokes and Gala Coral are the UK's 2nd and third biggest retail betting companies, behind William Hill.
Ladbrokes has about 2,150 outlets in Britain and 77 in Northern Ireland. Coral runs 1,850 shops in Britain.
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A merger in between the two would make them the UK's biggest High Street bookmaker.
However, William Hill is seeking its own tie-up with Canadian operator Amaya, owner of the PokerStars franchise, to stay up to date with the and boost its online offering.
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It was widely reported, external over the weekend that William Hill prepares to push ahead with the ₤ 4.5 bn bet9ja's welcome offer in spite of misgivings from its biggest investor.
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Ladbrokes Coral Sells Shops to Betfred and Stan James
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