GVC shareholders approve acquisition

Shareholders have approved the proposed acquisition of Ladbrokes Coral Group by 99.9 per cent.

UK.- GVC Holdings shareholders approved on Thursday the support of the company’s proposed acquisition of Ladbrokes Coral Group. The EGM poll showed that 99.9 per cent of the shareholders voted in favour of the acquisition. The deal was announced in December 2017, when GVC agreed to acquire the group in a £4bn deal.

The poll revealed the overwhelming support from GVC Holdings shareholders, who voted on a similar proposal related to the deal by the same margin, with only 0.03 per cent of the voters against it. The company said in a statement that the acquisition is still subject to the Court’s approval, which is set for consideration on March 26th.

It is expected that the deal would take place on March 28, depending on whether assuming the Court approves the acquisition, whilst joint shares would begin trading on March 29. The company is expected to release its full year 2017 results today, with a corporate governance update on the deal.

“The enlarged group would be an online-led globally positioned betting and gaming business that would benefit from a multi-brand, multi-channel strategy applied across some of the strongest brands in the sector,” both companies said in a statement released in November.