Rank agreement to buy Gala expires at midnight
Rank Group said its current deal to buy Gala Casinos would expire at midnight after delays caused by a competition investigation.
Rank Group said its current deal to buy Gala Casinos would expire at midnight after delays caused by a competition investigation.
The £205m acquisition from Gala Coral Group, which includes 23 casinos in the UK, was dependent on the firms getting clearance from competition authorities by September 19.
But 20 August the Office of Fair Trading announced it had referred the deal to the Competition Commission.
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
"Accordingly, the acquisition will not become unconditional by September 19...and therefore the agreement relating to the Acquisition will cease to be formally binding on the parties at midnight," Rank said.
"Rank and Gala Coral Group are nevertheless continuing to assist the Competition Commission with its inquiry and are continuing their discussions in relation to appropriate amendments to the acquisition terms in the light of the reference to the Competition Commission," it added.
A further announcement will be made in due course.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”