30
MAR
Rank Says No Deal

Rank Says No Deal

Written by: Glo Wood on 30/03/2012 15:25
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Rank, who owns numerous Mecca Bingo halls and casinos in the UK, backed away from a Deal with Gala Coral once they determined it was not favorable to shareholders. After a period of deliberation, Rank opted not to continue as a price could not be agreed upon.

"Our casino business was not for sale when Rank made an unsolicited approach. Now that it is clear that a transaction on terms acceptable to our shareholders cannot be concluded, we are very happy to continue to drive growth from our casinos which are performing very strongly," said a spokesperson from Gala Coral.

"These discussions have now ended after the parties failed to reach an agreement that was in the best interests of our shareholders," Gala Coral added.

Ian Burke, Rank Chief Executive, said they are "committed to delivering sustainable growth in shareholder value; the proposed terms of the potential acquisition did not achieve this objective. We will now concentrate on delivering our organic growth plans, including the delivery of 12 more G casinos by 2015.”

Going forward, Gala Coral has plans to re-launch their website in addition to revamping some casinos.

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