** Bookmaker's shares down as much as 2 pct in largevolumes after agreeing to merge with rival Gala Coral in 2.3 blnstg deal
** Co to place about 93 mln new shares to fund the deal
** Nearly 80 pct of co's avg daily volume has gone throughin the first hour of trade
** Co also warned FY operating profit would be about 20 mlnstg pounds lower than expected, and that it would cut its FYdividend of 8.9 pence per share to 3p
** Shares second-largest losers on FTSE 350 Travel andLeisure Index
** Ladbrokes also said it would buy out partner Playtechfrom a digital marketing services deal with cash and shares
** Playtech's shares up 2.9 pct, top gainer on FTSEMid 250 Index, with 50 pct of their daily avg volumehaving already gone through
** Smaller peers 888 and Bwin.party agreeda merger deal last week (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)