Rank ends talks to buy Gala

Bingo and casino operator Rank said it has ended talks to buy the casino business of private-equity owned Gala Coral Group as the terms of the proposed deal were not beneficial for Rank.
By The Newsroom
Published 29th Mar 2012, 10:01 BST

Rank, which operates 35 casinos and 103 bingo halls in Britain, said in January that it was in talks with Gala.

A deal would have made Rank Britain’s biggest casino operator.

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“Rank remains committed to delivering sustainable growth in shareholder value; the proposed terms of the potential acquisition did not achieve this objective,” Rank’s chief executive Ian Burke said in a statement.

Rank, which is 74.5 percent-owned by Malaysia’s Guoco, said it would now concentrate on delivering its organic growth plans, including the delivery of 12 more G casinos by 2015.

Rank, which owns the Grosvenor Casino and Mecca Bingo chains, had rejected a takeover offer from Guoco last year.