Irish billionaire Dermot Desmond has urged Ladbrokes Plc shareholders to reject the U.K. 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, 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. “The real winners in this...
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