Ian Bull, chief financial officer of Ladbrokes, has opted to sell his stake in the UK bookmaker ahead of its proposed merger with rival gambling operator Gala Coral.
As reported by iGaming Business, Ladbrokes and Gala Coral last month stated they were closing in on a deal that will lead to the creation of a business worth approximately £2.3 billion (€3.4 billion/$3.6 billion).
Although the deal is yet to be finalised, global investment banking firm Jefferies last week warned of the potential challenges that the merger could create.
Jefferies’ suggestion that Coral is “not a perfect fit” to help Ladbrokes boost its online sports betting business occurred before the share price dropped to 104.71 pence last Thursday.
Bull has now opted to follow suit by selling his 121,615 shares in Ladbrokes at a price of 105.88 pence each.
Jefferies has also suggested the two firms will have to sell approximately 600 of their 4,000 betting shops in order to appease the UK’s competition watchdog.