..

Rank Group Vulnerable to Potential Takeover, Delisting on Stock Exchange

Written by:
Aaron Goldstein
Published on:
Jun/28/2011
Rank Group

Ian Burke, chief executive of the Rank Group since March 2006, and Paddy Gallagher, finance director of Rank since June 2008, have abruptly stepped down from their positions this week, the London Stock Exchange announced on Tuesday morning. 

The two executives stepped down amidst talks of a potential takeover and fears of the company being delisted on the Stock Exchange.

The Rank saga continues following a “bizarre takeover” by Hong Kong investment group Guoco that was forced under takeover rules to announce a £585m cash offer for the bingo and casino operator.  Guoco was unable to bid after buying an11.6% stake in Rank from Malaysian casino group Genting when it came up for sale.

James Hollins, a leisure analyst at Evolution Securities, wrote in a note to clients: "Following the flip-flopping of recent days – (1) reject the Guoco bid (the 'correct' recommendation), (2) accept the bid (the 'forced' recommendation), (3) take the option that suits your risk/reward needs (the 'pragmatic' but inconclusive recommendation) – we think the CEO, Ian Burke, and CFO, Paddy Gallagher, felt their positions had become untenable, notably given there remains the risk that more than 75% of shares may be in the control of Guoco come 1pm on [the offer closing date of] Friday 1 July."

The company issued a statement on Tuesday that read:   "Following the announcement by the board yesterday in relation to the offer for the group by Guoco, Ian and Paddy have expressed to the board their view that, given the feedback received from institutional shareholders since the announcement, coupled with the advice from the group's brokers in light of this feedback as to the possible level of acceptances of the offer, it is now more than likely that the offer will result in a cancellation of the listing of Rank's shares … on the London Stock Exchange."

Rank operates Mecca Bingo and other subsidiaries.  Its share prices were trading just below the offer price of 149.76p Tuesday morning. 

- Aaron Goldstein, Gambling911.com

 

 

Business/Financial News

What Do Broken Down McDonald's Milkshake Machines Have to Do With a Bitcoin Mastercard Conspiracy?

If franchisees want to switch solutions, the only option that the parent corporation allows is to switch to a software “upgrade” called “Powerhouse Dynamics,” which is owned by the parent company of Taylor, so you can't really escape the system.  Enter Mastercard's similar setup with Bitcoin.

The Crypto Beat - July 28, 2021: Bitcoin Crosses Over $40K Again

The Crypto Beat - July 28, 2021: Bitcoin Crosses Over $40K Again

Plus EU’s ban on anonymous digital currency transfers—a deep dive....cryptocurrency won't be so anonymous any more. 

Bloomberg: DOJ Probing Tether of Bank Fraud

Bloomberg: DOJ Probing Tether of Bank Fraud

A U.S. probe into Tether, a digital token widely used to trade Bitcoin, is looking into whether executives behind the digital token committed bank fraud, a potential criminal case that would have broad implications for the cryptocurrency market, according to a report filed by Bloomberg News Monday morning.

Three Important Features a Pay Per Head Should Offer

Three Important Features a Pay Per Head Should Offer

When selecting a Pay Per Head sportsbook software, there are three primary things to consider in addition to the required reporting, lines management and customer service component. 

BSV Network Attacked: CoinGeek Explains What Happened

BSV Network Attacked: CoinGeek Explains What Happened

The BSV Network has come under attack in recent weeks, more specifically June 24, 2021 and then again on July 1, 6 and 9.  This is likely to become a trend targetting all blockchain networks and crypto sites.

Syndicate