US firm gatecrashes rescue of gaming giant Gala Coral
21 Dec 2009
LONDON, England -- American private equity company Apollo has joined the battle to take over Gala Coral, the British bookmaker and bingo club group, according to The Times newspaper.
Apollo proposes to pay £250m and receive 50% of company shares, The Times reported.
Existing shareholders would receive nothing under the Apollo proposal and consequently the proposal is unlikely to be well received.
Several other restructuring proposals have been offered and Gala will likely decide on which to take before Christmas, The Times reported.