Dermot Desmond urges Ladbrokes shareholders to ‘reject Coral bookie deal’

Dermot Desmond has urged Ladbrokes shareholders to reject the UK betting company’s merger with competitor Coral Group, describing it as a “bad deal” and suggesting that the bookmaker should put itself up for sale.

In a letter to investors, Mr Desmond said the Ladbrokes board needs to evaluate “all strategic options” in a “very active M&A market.”

The transaction, announced in July, will give control to Coral’s private-equity owners, he wrote.