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Ladbrokes CFO, has sold his stake in the company with the proposed merger with rival online gambling company Gala Coral still to be confirmed.
Last month, igamingbusiness.com broke the story that a merger was on the cards. The estimated value of the business which would be created is in the region of £2.3 billion.
However, in the wake of Ladbrokes’ share price dropping to 104.71 pence last Thursday, CFO Bull has opted to sell his 121,650 shares at 105.88 pence per share.
The difficulties that the Ladbrokes/Gala Coral merger might face were recenntly outlined by global investment banking firm Jeffries’.
Among these, the fact that the business might be obliged to sell 600 of its 4,000 betting shops has excited interest in the Republic of Ireland. As we recently reported, both BoyleSport and Paddy Power see said measure as a means of expanding their respective businesses on this side of the Irish Sea.