Casinos group Rank has confirmed speculation that it is in talks with Gala Coral about the potential acquisition of Gala's casino business.
Gala Casinos is the third largest casinos business in the UK and has a market share of around 17%. Press reports estimate that the acquisition could be worth up to £250m.
Rank, which already owns the Mecca Bingo and Grosvenor Casinos in Great Britain - as well as other Bingo clubs in Spain - is expected to become the largest casinos operator in Britain if it pulls off the deal with Gala.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The terms of any such acquisition have not yet been finalised and there is no certainty that any transaction will occur," Rank said.
BC
-
Four income funds to add to your ISAAdding one of these four income funds to your stocks and shares ISA ahead of tax year end could pay dividends
-
Are regular savings accounts worth it?A 7% interest rate is eye-catching, but how much can you save in a regular saver account and how does the interest rate work exactly?
