UK press
reports have linked bingo and casino group Gala and private equity
group CVC Capital, the company that floated William Hill two years ago,
with a bid for the firm.
Coral, which is valued at around £2bn including £1.2bn debt, operates a chain of betting shops in the UK.
It also has strong internet presence throughout continental Europe with its online bookmaker Eurobet.
Coral
became a takeover target after its owners appointed Lehman Brothers to
prepare the firm for a flotation on the London Stock Exchange.
While
sources close to Coral said they were confident an IPO would be taking
place before the end of the year, others believe a trade sell is the
more likely outcome.
And talks between Gala’s three private
equity backers, Candover, Cinven and Permira and the private equity
group that owns Coral, are reported to have reached an advanced stage.
A takeover by Gala would make the Gala-Coral group the UK’s biggest betting and gaming group.
