Bob Scott, Coral's outgoing chief executive, said: ``Coral Eurobet has enjoyed tremendous success under MGPE
Mr Scott said: 'Coral Eurobet has enjoyed tremendous success under MGPE
After a number of false starts, which included scrapping the idea of a stock-market flotation, MGPE lowered the flag on a bidding process in the spring.
Though handing over a very profitable estate hurt badly, Ladbrokes got their money back with interest when MGPE entered the fray at pounds 390m in December 1998.
The Sunday Telegraph reported Stanley as having made an approach for Coral's 860 betting shops to MGPE, which bought Coral in 1998 for pounds 395m after Ladbrokes' pounds 372m buyout was blocked by the Monopolies and Mergers Commission.
The report suggested MGPE had responded positively, though it is believed to want pounds 600m for the entire business and such figures may prove beyond Stanley, whose chairman Leonard Steinberg is renowned for cautious growth.
believe they are on firmer ground on the motor-racing circuit.
has been involved in many high-profile buyouts and we either float them on the Stock Exchange, in which the ownership goes into public hands, or else we sell them to trade buyers," said Jonathan Derry-Evans, the director who led the Coral transaction.
DECEMBER 9: Racing Post names Deutsche Bank's venture capital arm, Morgan Grenfell Private Equity (MGPE), as main challenger for Coral.
DECEMBER 18: Tote pull out of race, after bid of pounds 375m proved lower than remaining `runners', MGPE and Cinven.
MORGAN Grenfell Private Equity (MGPE), part of the Deutsche Bank Group, one of the world's largest financial institutions, is the new owner of Coral and, thus, now takes over their tracks at Hove and Romford.
MGPE paid pounds 390m for the Coral Group from Ladbrokes, who were forced to sell the rival bookmaking firm following a Monopolies and Mergers Commission inquiry.