Rank Group Reject Takeover Bid
UK based gambling group Rank, who own the Grosvenor Casino Chain and Blue Square Poker, have rejected a takeover bid by Hong Kong-based conglomerate Guoco. The offer of 150 pence per share was said to significantly undervalue the operator, who also own Mecca Bingo. The offer was only 0.8 pence above Friday’s closing price, and shareholders were advised to ignore the bid.
Guoco already have a 40.8% shareholding in the company after buying another 11.49% stake, under takeover rules, they had to make the company an offer for the outstanding shares.
The offer values Rank at £586 million, which is a three year high for the company, which had £55.2 million in profit in 2010 – a 17% rise on the previous year.
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