29th of June 2011 Author: Ava Jackuard
The Rank Group is a mogul British bingo and casino operator for Mecca Bingo and Grosvenor Casinos. Two key figures resign from the company after a second time take over offer from the Guoco Group who is a leading shareholder. Rank is refusing to give the reason for the sudden departure but speculations suggest that the Guoco Group could be at the root.
Rank had originally rejected an offer from the Guoco Group but later reversed the decision. Concerns over the disheartened shareholders could leave them as a minority in the private company causing difficulty in selling their shares.
Guoco currently owns 56 percent stock in Rank and by law could withdraw the group if its stake exceeds 75 percent. Rank encouraged investors to consider the risks to the company in deciding to take the 150 pence per share offer. Guoco refused to provide a guaranteed commitment to maintain Rank's stock market listing.
After Guoco increased it's stake to 41% they were under obligation to make an offer for the company. The investment group ensured Rank that their intention was not looking to take control. Investors claimed that the offer devalued the group and Grosvenor Casinos alone was worth £585m.
Chief Executive Ian Burke and Finance Chief Paddy Gallagher will stay on the board until a replacement is found according to a statement made by Rank.
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