Boylesports has confirmed that it will proceed with its €25m takeover bid for Ladbrokes Irish retail business, despite losing a legal challenge to get information about Lads’ operation.
A spokesman from Boylesports told the Sunday Independent that the terms of the bid are still confidential but the Irish newspaper reported that Boylesports would be willing to make a more than €25m investment in Ladbrokes Irish retail business.
“Obviously, we’re disappointed with the court judgment. But we remain committed to making a bid for Ladbrokes and to welcoming the Ladbrokes shops into Ireland’s fastest growing and most exciting bookmaking chain,” said Boylesports founder and chief executive John Boyle.
In April, Ladbrokes sought court protection to allow it restructure its business and enable it trade out of financial difficulties.
The firm has been working on a rescue plan with High Court-appointed examiner Ken Fennel for its Ladbrokes (Ireland) Ltd, Ladbroke Leisure (Ireland) Ltd, and Dara Properties Ltd, which could result in the closure of 60 betting shops and dismissal of 250 employees.
Boylesports claimed that Fennell and Ladbrokes were withholding important information necessary to make “an effective financial offer.”
Boylesports sought information such as Ladbrokes’ turnover by store for the last three years and the number of betting slips issued by each outlet. However, Fennel argued that bidders had been given sufficient information and that Ladbrokes could be irreparably damaged by providing commercially sensitive information to competitors.
Last week, the High Court ruled that the decision to withhold was properly made within the scope of the examiner’s commercial judgment.
A number of alternative buyers for the business have also emerged including Paddy Power and Betfred.