Betting firm Ladbrokes Coral (LCL) has suffered an 8.6% share price decline to 119.3p on a new twist to takeover rumours.
Shares in the newly-enlarged group shot up last week on talk that FTSE 250 gambler GVC (GVC) was preparing a £3.2bn takeover bid.
The latest reports suggest that GVC had engaged with Ladbrokes Coral’s board but talks have since ended.
The gambling industry has been awash with takeover activity as tighter regulation and higher taxes have put pressure on earnings.
This year we’ve seen Paddy Power merge with Betfair, GVC buy Bwin.Party and Ladbrokes get together with Coral.
William Hill (WMH) tried to buy 888 (888) in 2015. The tables turned this year when 888 teamed up with Rank (RNK) to try and buy William Hill. None of the deals were successful.
In October William Hill ended merger talks with Canadian group Amaya.
A fortnight ago we cited market gossip that Ladbrokes wanted to buy Australian rival Tabcorp.
