Competition Commission gives Rank green light to acquire 19 casinos

FTSE 250-listed European gaming business Rank Group has received the green light from the Competition Commission to acquire a raft of casinos from Gala Coral Group.

FTSE 250-listed European gaming business Rank Group has received the green light from the Competition Commission to acquire a raft of casinos from Gala Coral Group.

In May 2012, Rank announced that it had conditionally agreed to acquire Gala Casinos from Gala Coral with 23 casinos earmarked for purchase and three non-operating casino licences.

At that point, the company stated that it anticipated the possibility of the Office of Fair Trading requiring a limited number of casinos to be excluded from the proposed acquisition. However, the Office of Fair Trading instead referred the whole proposed acquisition to the Competition Commission which ordered an in-depth merger review lasting seven months.

Upon completion of its review, Rank said the Commission had given it the green light to buy 19 of the 23 casinos it originally planned to buy subject to a few conditions.

Rank and Gala Coral are now continuing their discussions in relation to setting up a revised proposed acquisition agreement.

Rank's share price was down 2.87% to 162.60p at 08:33 on Tuesday.

MF

Recommended

Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022
Melrose Industries: a British manufacturer that is well-placed for recovery
Share tips

Melrose Industries: a British manufacturer that is well-placed for recovery

Melrose, the aerospace and automotive manufacturer, has been hit by the pandemic, but the shares are unduly cheap says David J Stevenson.
17 May 2022
Avoid easyJet shares – there are better airlines to invest in
Share tips

Avoid easyJet shares – there are better airlines to invest in

EasyJet used to be one of Europe’s most impressive airlines. But now it is facing challenges on all fronts and losing out to the competition. Rupert …
16 May 2022
Britain’s ten most-hated shares – w/e 13 May
Stocks and shares

Britain’s ten most-hated shares – w/e 13 May

Rupert Hargreaves looks at Britain's ten-most hated shares, and what short-sellers are looking right now.
16 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
High inflation will fade – here’s why
Inflation

High inflation will fade – here’s why

Many people expect high inflation to persist for a long time. But that might not be true, says Max King. Inflation may fall faster than expected – and…
13 May 2022