The acquisition will not become unconditional by 19 September
Rank agreed to acquire Gala Casinos for us$ 332.9 million
2012-09-19
Reading time 40 seg
(UK).- On 12 May 2012, Rank announced that it had conditionally agreed to acquire Gala Casinos from Gala Coral Group for a total cash consideration of us$ 332.9 million. The acquisition was conditional upon the approval of Rank shareholders (which was obtained at a general meeting of Rank held last 26 July) and upon receipt of UK merger control clearance by 19 September 2012.
On 20 August 2012, the Office of Fair Trading announced that it had referred the acquisition to the Competition Commission. Accordingly, the acquisition will not become unconditional by 19 September and therefore the agreement relating to the acquisition will cease to be formally binding on the parties at midnight on 19 September 2012.
Rank and Gala Coral Group are nevertheless continuing to assist the Competition Commission with its inquiry and are continuing their discussions in relation to appropriate amendments to the Acquisition terms in the light of the reference to the Competition Commission. A further announcement will be made in due course.
Leave your comment
RELATED NEWS
New 13,000 sq. ft. hall to host daily sessions
Gila River to open bingo hall at Santan Mountain with four-day launch event
Over 1,400 slot machines
Kansas' Crosswinds Casino announces major expansion with new hotel, expanded gaming floor
COMPANIES
Running June to August
Stretch Network unveils €1.3 million Summer Poker League
Promotes affiliate program
1xBet highlights LatAm expansion strategy at Peru Gaming Show 2025
Policy covers entire supply chain
Zitro announces company-wide global corporate sustainability framework
Classic gameplay with modern twist
3 Oaks Gaming expands Hold & Win slot collection with 777 Fruity Coins launch
LATEST NEWS
ONLINE GAMING
LEGISLATION
SPORTS BETTING
MAGAZINES
EVENTS
To address regulation, black market and more
Gaming in Germany Conference set for November 11 edition in Berlin
New tracks address regional strategies
SBC Summit adds Global and Emerging Markets stages to meet expanding international interest
Covering payments, tech and compliance
SBC Summit 2025 to explore iGaming innovation through new Technology Stage
15,000 professionals expected
iGB L!VE opens at its new ExCel London home with goal of breaking 2024's attendance record
EVENTS CALENDAR
Highlighted
SBC Summit Lisbon 2025
Highlighted
G2E LAs Vegas - Global Gaming Expo
Highlighted
IAGR 2025 The International Association of Gaming Regulators
Highlighted
Gaming in Germany 2025
Highlighted
GAT Expo Santo Domingo 2025
NOV 12th 25 / NOV 13th 25
Live Event Renaissance Jaragua Hotel y Casino, Santo Domingo, República Dominicana
Highlighted
BEGE 2025 Balkan Entertainment and Gaming Exhibition
Highlighted
