Issuing a market update, FTSE-listed online gambling group GVC Holdings has confirmed that it has secured the outright approval by the majority of its shareholders to acquire Ladbrokes Coral Plc.
Holding an ‘extraordinary general meeting (EGM)’ this morning, the FTSE gambling firm’s investors have approved the takeover terms set out by GVC governance in its deal prospectus (published 9 February 2018).
Securing a 99% approval to back GVC governance’s leveraged £3.9 billion takeover of Ladbrokes Coral, GVC investors will support the deal’s structure including; the allotment of new enterprise shares, the authority to increase share capital and the amendment of GVC corporate articles.
GVC governance currently awaits the transaction’s approval by Ladbrokes Coral shareholders, who will vote on the takeover today.
Should the takeover be approved, the transaction will be forwarded to the UK High Court for final judgement, with a hearing set to take place on 26 March.
Ladbrokes Coral Plc will announce its full-year 2017 results tomorrow, with corporate governance expected to issue an update on GVC proceedings.
Source: SBC News
