Now, as the United Kingdom government's ongoing regulatory review continues to cast a shadow over the gambling sector, it would appear that Ladbrokes' management is keen to get a deal done.
FILE PHOTO: A branch of Ladbrokes is seen in central London, Britain, May 17, 2016.
At the end of October, the UK Government revealed a crackdown on highly controversial fixed-odds betting machines which have been widely blamed for the constantly increasing number of gambling addicts.
"Against this it does bring in some geographic risk in GVC notably around Germany following the exit from Turkey, whilst the cash elements, we estimate worth £600m and £800m (max for the triennial review element), are more the comfortable from the existing balance sheet and future cash generation". If the maximum stake is cut to only £50 from £100, shareholders are set to receive the maximum distribution.
GVC is offering 160.90 pence a share in cash and stock, plus a contingent value right worth as much as 42.80 pence a share, the companies said in a statement Thursday. As Casino Guardian has previously reported, more and more countries have been focused on imposing stricter regulatory regime to their gambling markets as part of their attempts to tackle possible gambling-related harm. Although there has not been a firm offer, the two companies appear to be positive about the potential for a deal to be done.
"This triennial review has run and run and run and with the political climate in the United Kingdom who knows how much longer it may well run for?" he said.
The news comes just a year after Ladbrokes and Gala Coral completed a merger. The latter would fall as online grows, he added.
Houlihan Lokey and Investec are advising GVC on the deal, while Ladbrokes Coral is working with Greenhill and UBS.
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