Bid estimated to be in excess of Euro 25 million
Irish bookmaker Boylesports is poised to proceed with a Euro 25 million-plus takeover bid for Ladbrokes' Irish retail arm, the business section of Ireland's largest-selling daily newspaper, The Independent, reported over the weekend.
Boylesports recently lost a High Court legal challenge for access to sensitive information on Ladbrokes' loss-making Irish retail business which was placed under High Court protection earlier this year (see previous Infopowa reports).
The company wanted information from examiner Ken Fennell of Deloitte on Ladbrokes Ireland's individual store turnover, the number of betting slips issued by each shop and existing leases before making a bid.
According to The Independent, Boylesports founder and chief executive John Boyle confirmed the company remained committed to making a bid for the retail business despite losing the legal challenge.
Ladbrokes' retail estate comprises 196 shops, of which Boylesports said it may look at closing eight should it make a successful bid, significantly less than Ladbrokes' expected closure of as many as sixty.
Online Casino News Courtesy of Infopowa