high court approval gvc terms signals closing time ladbrokes coral plc

high court approval gvc terms signals closing time ladbrokes coral plc

by 26.03.2018 0 comments

The High Court of England & Wales has sanctioned the outright takeover of Ladbrokes Coral Plc by GVC Holdings, clearing the deals ‘recommended offer’ for investors.

GVC governance clears another final hurdle towards securing its industry-changing takeover of Ladbrokes Coral, which this March received both its investor and UK Competition & Markets (CMA) approval.

Updating stakeholders, GVC details that its deal is still on-time with the principal events calendar outlined in the scheme document published on 9 February 2018.

Today’s update sees the High Court agree to investor provisions set-out in GVC’s combined Ladbrokes Coral corporate prospectus published on 9 February 2018.

Ladbrokes Coral investors are guaranteed a 32.7 pence in cash and 0.141 new GVC shares for each share, representing a secured deal value of + £3.2 billion.

Furthermore, GVC’s deal allows for an adjusted entitlement of up to 42.8 pence, dependent on the final judgement of the UK government’s Triennial Review on FOBTs wagering, which would increase the deal’s final transaction to + £4 billion.

Securing High Court approval, Ladbrokes Coral will now move to delist/suspend its London FTSE main markets stock exchanging listing on Wednesday 28 March.

GVC governance has reserved 273,000,000 shares at €0.01, for its enlarged trading on London’s main market on Thursday 29 March, incorporating Ladbrokes Coral investors.

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