Grosvenor Casinos And Blue Square Poker For SaleRank Group Hostile Takeover Set To Go Ahead |
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Rank Group, the publicly listed owner of Grosvenor Casinos and Blue Square Poker, is likely to be sold after the board reluctantly said shareholders should accept the offer from Gouco Group.
Earlier the board had resisted the takeover and advised shareholders against accepting an offer from Gouco.
The Rank 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."
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