Rank group were recently in Bestbingospots news as we reported on the proposed bid of £586 million by Asian based Guoco, a Hong-Kong-based conglomerate run by Malaysian billionaire Quek Leng Chan.
Since news of this bid Rank groups share value has risen to a three-year high as it peaked at 151½p and clear 2.75 pence up on yesterdays trading.
Rank, which owns Mecca bingo and Grosvenor Casinos, said the 150p a share offer by Chan's property and investment firm Guoco Group last Friday, "has significantly under- valued" the firm and its prospects, "We recommend that shareholders do not accept it," Rank said. Its shares closed 2.75pence up at 151½p.
Analysts do expect a small number of shareholders to take to proposed offer but on the whole believe it will be rejected. In which case Guoco will not be permitted to make a new offer for at least twelve months unless a rival bid emerges and Rank group invite a new bid.
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