GVC shareholders back Ladbrokes Coral acquisition

Shareholders at GVC Holdings have today (Thursday) overwhelmingly voted to support the company’s proposed acquisition of Ladbrokes Coral Group.

In December 2017, GVC agreed to purchase Ladbrokes Coral in a deal worth up to £4bn (€4.49bn/$5.55bn) and combine the two businesses.

A poll at GVC’s EGM showed that 99.97% of shareholders voted in favour of the move, with just 0.03% opting against a deal.

Shareholders also backed a previously announced proposal related to the deal to allot shares by the same margin, with 99.97% in favour and 0.03% against.

GVC said in a statement that the acquisition still remains subject to satisfaction, including the sanctioning of the deal by the Court, which is due to take place on March 26.

Should the Court grant its approval to the acquisition agreement, the deal would go through on March 28, with joint shares to begin trading the following day.

Last month, it was reported that the merger could lead to a loss of up to 1,600 jobs at Ladbrokes Coral.

The cuts are expected to impact both head office and support staff and represent approximately 5% of the combined workforce.

Related articles: GVC, Ladbrokes Coral merger to cost 1,600 jobs – report
Ladbrokes Coral agrees £4bn takeover by GVC