Ladbrokes and Coral Gala merger looks set to go ahead
Plans for the merger between Ladbrokes and Gala Coral look set to get the go ahead this week, putting an end to Dermot Desmond's plans to put a stop to it.
The two bookmakers, who announced their intention to join forces back in July, have received mixed support for the £2bn move.
Billionaire Desmond, who has a 2% interest in Ladbrokes, has vehermently opposed the plan, attempting to garner support from major shareholders ahead of this week's shareholder meeting.
He stepped up his fight last week by writing an open letter, calling for them to block the merger from going ahead.
However, the chief executive of 6% stakeholder Old Mutual Global Investors, Richard Buxton, told the Sunday Times that he believes the deal would be "constructive", given the resulting synergies and benefits of scale.
A source close to Desmond told the newspaper that despite it looking as if the plans will proceed, he intends to tackle other issues, such as the dividend, at Tuesday's meeting.