Ladbrokes Coral shelves post-merger adviser review amid £3.9bn takeover bid
Betting giant postpones review following GVC's takeover bid
December 18, 2017 at 07:12 AM
2 minute read
Ladbrokes Coral has put its first post-merger panel review on hold, amid GVC Holdings' £3.9bn bid for the company.
The adviser review, which was in its preliminary stages, would have been the first since Ladbrokes and Gala Coral merged in late 2016.
However, it has now been set aside until the result of GVC's takeover bid – which was announced earlier this month – is confirmed.
General counsel Lindsay Beardsell, who joined from clothing company SuperGroup in January this year, is understood to have been leading the process.
Slaughter and May took the lead role for Ladbrokes on last year's merger, with Ashurst advising Gala Coral.
Ashurst, which has a longstanding relationship with Gala Coral, is now advising on the the GVC takeover bid. GVC – the company behind gambling brands such as Foxy Bingo, Bwin and Sportingbet – has turned to longstanding adviser Addleshaw Goddard.
It is understood that Slaughters was not able to advise Ladbrokes Coral on the bid due to its relationship with rival bookmaker William Hill.
Ladbrokes last reviewed its panel in 2013, when it cut back its roster from more than 50 firms to 22, with Slaughters, legacy SJ Berwin, Clyde & Co, Freshfields Bruckhaus Deringer, Reed Smith and Gateley among those appointed.
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