12th of May 2011 Author: Glo Wood
Quek Leng Chan's offer refused
According to the latest reports from a major land and online bingo provider Mecca Bingo, the proposed takeover by Malaysian investor Quek Leng Chan has been rejected.
Leng Chan's Guoco Group Ltd has recently increased its share holding in Mecca Bingo's parent company Rank to 40 percent . What's good about this is that it proves that the company has a potential which may attract more investments, but on the other side, when a shareholder reaches a stake this high, an offer must be made to purchase all the shares.
In this situation, Leng Chan offered 150p per share, which would put a price tag of GBP586 million on Rank, a price considered undervaluing. As a result, the offer was rejected, but at the same time in just a few days, the share price was boosted to 151.6p.
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