Ladbrokes shareholders overwhelmingly approve Gala Coral deal

Ladbrokes shareholders have approved the FTSE 250 bookmaker’s planned merger with Gala Coral.

A majority 96% of the company’s shareholders voted in favour of the deal, with just 3.6% opposing it.

The announcement came just days after billionaire Dermot Desmond – known as Ireland’s answer to Warren Buffett – launched a blistering attack on the planned merger, calling it the "wrong deal" and urging shareholders to reject it.

Desmond said: ““The real winners are the Coral shareholders, who receive access to liquidity for their shares and significant relief from a £2.2bn debt burden.

“Make no mistake, this is a zero-premium acquisition of Ladbrokes by Coral.”

He pointed out that since the announcement on 24 July, the shares have dropped to 109p from 130p, in contrast with Paddy Power and Beftair, whose share have risen 35% and 20% respectively since their merger was announced.

Desmond owns a 2.8% stake in Ladbrokes.

At 1323 GMT, Ladbrokes shares were 0.4% lower at 109.55p.