The talks were announced in a statement by Ladbrokes, and would see Ladbrokes, Coral Retail, Eurobet Retail, and Gala Coral's online betting sites all being merged into one mega-firm. The combined businesses would be listed on the London Stock Exchange.
Commenting on the talks Ladbrokes CEO Jim Mullen said, “Since becoming CEO my focus has been on a more aggressive plan to build digital scale and grow our recreational customer base across all channels, which is key to creating a more sustainable and growing Ladbrokes. My plans are well advanced and I look forward to presenting them to shareholders."
"A merger with Gala Coral could create a combined business with significant scale and has the potential to generate substantial cost synergies, creating value for both companies’ shareholders."
"The Board has not yet concluded whether a transaction is strategically attractive and can be delivered to shareholders on appropriate terms.”