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This news analysis considers the recent decision of the Takeover Appeal Board (Board) to dismiss three appeals which arose in connection with the proposed merger of Ladbrokes plc (Ladbrokes) with the Gala Coral Group and what the decision means for corporate lawyers.
Takeover Appeal Board statement on Ladbrokes/Gala Coral merger, LNB News 15/06/2016 125
A Board statement has been issued in relation to the proposed merger of Ladbrokes and Gala Coral Group Ltd. The Board has dismissed three appeals made by a Ladbrokes shareholder who was concerned about, among other things, non-compliance with the requirement to publish material contracts on a website as required by Rule 26.3(d) of the City Code on Takeovers and Mergers (Code) and perceived omissions and inaccuracies in the circular issued in relation to the transaction on 30 October 2015.
The Board's decision is the latest development in connection with concerns of non-compliance with the Code regarding the proposed merger between Ladbrokes and the Coral Group (Coral) raised by Mr Desmond, a Ladbrokes shareholder. Mr Desmond was concerned about arrangements entered into between Ladbrokes and one of its suppliers.
Concerns raised by the shareholder included:
The Board has dismissed all appeals made by Mr Desmond, upholding
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