Rank group, Parent company of Mecca Bingo and G casino, are today considering a bid suggested be in the region of £586 million as Asia-based Investment managers attempt to increase its share holding in the company.
Guoco Group already own a sizeable chunk of Rank groups stock but in an attempt to purchase a stronger holding in the company have offered shareholders 150p a share. Compared to the market close of 148.8p on Friday.
Guoco, which is run by Malaysian billionaire Quek Leng Chan, until recently owned 29.3 per cent of Rank's shares. But this position was strengthened through the purchase of the 11.6 per cent stake held by Malaysia-based Genting Berhad gaming group, Rank's second largest shareholder before this deal.
The company said on Friday: "Guoco does not want this to be a destabilising or drawn-out process."
If this bid is not accepted, Guoco would not be permitted to make any new offer for the next year, unless a rival bid emerges or Rank's board invites a new bid.
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