Slaughter and May is advising Ladbrokes - proposed merger with certain key businesses of the Gala Coral group

Slaughter and May is advising Ladbrokes plc (Ladbrokes) on (i) its proposed merger with certain businesses of Gala Coral Group Limited (Gala Coral), including Coral Retail, Eurobet Retail and Gala Coral’s Online businesses (Coral Group), and (ii) the placing of approximately 9.99% of its current issued share capital in connection with the merger. Following completion of the merger, Ladbrokes will be renamed Ladbrokes Coral plc ('Ladbrokes Coral') and will continue to operate both the Ladbrokes and Coral brands in the UK.

To effect the merger, Ladbrokes will issue new ordinary shares to the existing shareholders of Gala Coral representing 48.25% of the enlarged issued share capital of Ladbrokes Coral (prior to the circa 9.99% placing). Existing Ladbrokes shareholders will own 51.75% on the same basis.

In due course, an application will be made to the UKLA for the ordinary shares of Ladbrokes Coral to be re-admitted to the premium listing segment of the Official List of the UKLA and to trading on the main market for listed securities of the London Stock Exchange.

Slaughter and May is working in conjunction with BonelliErede on Italian law aspects. Mario Roli is advising.