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RECOMMENDED OFFER FOR LADBROKES CORAL GROUP PLC
RECOMMENDED OFFER FOR LADBROKES CORAL GROUP PLC.
About this update from Entain Plc
[{"type":"text","content":"\n \nRNS Number : 1831A GVC Holdings PLC 22 December 2017 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\nTHE FOLLOWING ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND Ladbrokes Coral Shareholders SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO THE NEW GVC SHARES EXCEPT ON THE BASIS OF THE INFORMATION IN THE SCHEME DOCUMENT AND THE GVC PROSPECTUS WHICH ARE PROPOSED TO BE PUBLISHED IN DUE COURSE\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n22 December 2017\nRECOMMENDED OFFER\nFOR\nLADBROKES CORAL GROUP PLC\nBY\nGVC HOLDINGS PLC\nTO BE EFFECTED BY MEANS OF A SCHEME OF ARRANGEMENT\nUNDER PART 26 OF THE COMPANIES ACT 2006\nSummary\n· The Boards of GVC Holdings PLC (\"GVC\") and Ladbrokes Coral Group plc (\"Ladbrokes Coral\" and, together with GVC, the \"Enlarged Group\") are pleased to announce that they have reached agreement on the terms of a recommended offer by GVC to acquire the entire issued and to be issued ordinary share capital of Ladbrokes Coral (the \"Acquisition\").\n· The Enlarged Group will be a fast-growing, diversified, international online and retail sports betting led gaming group with more than 90 per cent. of Net Gaming Revenue generated from locally regulated/taxed markets.\n· With a portfolio of strong brands, proprietary technology, and the opportunity to apply the best practices from each business, GVC believes that the Enlarged Group will be well-placed to deliver a great experience to millions of consumers in a highly-regulated gaming environment.\n· Under the terms of the Acquisition, for each Ladbrokes Coral Share held at the Scheme Record Time, Ladbrokes Coral Shareholders will be entitled to 32.7 pence in cash, 0.141 ordinary GVC Shares and a contingent entitlement of up to a further 42.8 pence in principal value of Loan Note plus an upward adjustment for the time value of money by way of a contingent value right (\"CVR\"). A description of the terms and operation of the CVR and the Loan Notes is set out in paragraph 4 of this...