UPDATE: Ladbrokes Shares To Be Cancelled Thursday As GVC Deal Closes (ALLISS)

28th Mar 2018 17:50

LONDON (Alliance News) - Ladbrokes Coral Group PLC and GVC Holdings PLC said on Wednesday the scheme of arrangement has become effective, and Ladbrokes shares will be cancelled effective from the start of trade on Thursday.

Last week, the UK Competition & Markets Authority said it had cleared the merger of the two gambling firms.

In December, GVC agreed to acquire Ladbrokes Coral in a cash and stock deal worth at least GBP3.2 billion, where GVC shareholders will own 53.5% and Ladbrokes Coral 46.5% of the combined company.

Shares in GVC closed down 1.7% on Wednesday.