Rank Group, the publicly listed owner of Grosvenor Casinos and Blue Square Poker, is likely to be sold after the board reluctantly said shareholder should accept the advances of Gouco Group.

Earlier the board had resisted the takeover and advised shareholders against accepting an offer from Gouco.

The board believes the Gouco significantly undervalues the business and the 150 pence offer was only 0.8 percent above the share price at the time of the offer.

The board warned shareholders that Gouco could be free to cancel Rank’s public listing but the Hong Kong-based company said they would like to keep Rank in the public domain, stating, “In the event that the FSA[Financial Services Authority] determined otherwise, Guoco would explore with the FSA ways in which the necessary percentage of shares in public hands could be restored over a reasonable period of time … so far as commercially reasonable.”

Post a Comment

Messages that harass, abuse or threaten other members; have obscene or otherwise objectionable content; have spam, commercial or advertising content or links may be removed and may result in the loss of your CP Social ID (including e-mail). Please do not post any private information unless you want it to be available publicly. Never assume that you are completely anonymous and cannot be identified by your posts.

Your Comment

Lost User Name or Password?

Need a CP Social account.