December 22, 2017 / 7:23 AM / 2 months ago

BRIEF-Ladbrokes Coral Group Announces ‍Offer By GVC Holdings Plc​

Dec 22 (Reuters) - Ladbrokes Coral Group Plc:

* ‍OFFER BY GVC HOLDINGS PLC​

* FOR EACH LADBROKES CORAL SHARE, LADBROKES CORAL SHAREHOLDERS WILL BE ENTITLED TO 32.7 PENCE IN CASH, 0.141 ORDINARY GVC SHARES​

* SAYS BOARD OF GVC BELIEVES THAT ACQUISITION WILL BE DOUBLE DIGIT EPS ACCRETIVE FROM FIRST FULL YEAR POST-COMPLETION

* ‍LADBROKES CORAL SHAREHOLDERS WILL HOLD APPROXIMATELY 46.5 PER CENT, GVC SHAREHOLDERS WILL HOLD APPROXIMATELY 53.5 PER CENT OF ISSUED SHARE CAPITAL OF ENLARGED GROUP​

* GVC BOARD BELIEVES ENLARGED GROUP WILL BE ABLE TO ACHIEVE RECURRING ANNUAL PRE-TAX COST SYNERGIES OF NOT LESS THAN 100 MILLION STG

* ‍OFFER PRICE VALUES AT ABOUT £3.2 BILLION BASED ON CLOSING PRICE PER GVC SHARE​

* ‍BOARD OF GVC BELIEVES THAT ACQUISITION WILL BE DOUBLE DIGIT EPS ACCRETIVE FROM FIRST FULL YEAR POST-COMPLETION

* ‍ENLARGED GROUP BOARD WILL COMPRISE LEE FELDMAN AS CHAIRMAN, KENNETH ALEXANDER AS CHIEF EXECUTIVE, PAUL BOWTELL AS CHIEF FINANCIAL OFFICER​

* ‍EXPECTED THAT ACQUISITION WILL BE COMPLETED DURING LATE Q1 OR EARLY Q2 2018​

* OFFER PRICE, ASSUMING EACH CVR DELIVERS MAXIMUM VALUE OF 42.8P PRINCIPAL VALUE OF LOAN NOTE, VALUES ENTIRE SHARE CAPITAL OF CO AT ABOUT £4 BILLION Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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