29th Jun 2015 06:24
LONDON (Alliance News) - Ladbrokes PLC on Monday said the announcement of the results of its Business Review, which had been due on Wednesday, will be deferred until further notice following the FTSE 250-listed bookmaker having entered takeover talks with unlisted rival Gala Coral Group Ltd.
Shares in Ladbrokes surged higher on Wednesday last week after it said it had entered talks about a possible merger with Gala Coral, a deal which would create the largest bookmaking business in the UK in terms of high-street outlets.
The talks involve a proposed merger of Ladbrokes and Coral Retail, Eurobet Retail, and Gala Coral's Online businesses. Gala Coral Group also includes the Gala Bingo brand.
Ladbrokes had said when it announced the talks last week that the Business Review, being led by Chief Executive Jim Mullen and aimed at turning around the business, could be deferred due to the talks.
By Sam Unsted; [email protected]; @SamUAtAlliance
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