Malaysian company Guoco acquires majority stake in Rank
Last month saw Rank’s board of directors recommend that its investors reject a mandatory takeover bid from the owner of London’s prestigious Clermont Club casino but 15.6 % ignored this advice and Guoco has now added to its existing 40.8 % shareholding.
Maidenhead-based Rank is the firm behind virtual sportsbook BlueSq.com alongside bingo domain MeccaBingo.com and the bricks-and-mortar Grosvenor Casinos chain and Guoco had originally owned 29.3 % of its shares before upping its holding to nearly 41 % in May to trigger the takeover bid.
Guoco is run by Malaysian billionaire Quek Leng Chan and revealed that its tender for the remaining outstanding stake in Rank at us$ 2.45 per share is unconditional and is set to remain open ‘until further notice and at least 14 days’ notice will be given of the closing of the offer’.
The Malaysian firm revealed that its offer is not hostile even though it values Rank’s equity at only us$ 960 million, which Rank declared ‘significantly undervalues’ its business. Following this news, Rank asserted that remaining shareholders should take no action as its board of directors considers the situation.
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