Rank's Gala acquisition referred to Competition Commisson
Rank, the bingo, casino and online gaming company which recently agreed to acquire Gala Casinos from Gala Coral Group, learned on Monday that the Office of Fair Trading has referred the transaction to the Competition Commission.
Rank, the bingo, casino and online gaming company which recently agreed to acquire Gala Casinos from Gala Coral Group, learned on Monday that the Office of Fair Trading has referred the transaction to the Competition Commission.
The firm said it is "considering the implications of this decision" and will make a further announcement in due course.
The £205m acquisition, which includes 23 casinos in the UK, is to be funded by new three-year bank facilities totalling £175m, together with existing bank facilities.
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 purchase, which is set to take place in the third quarter of the current year, will make Rank the largest casino operator in the UK by number of casinos with 58 operating venues and 13 non-operating licences.
By 15:32, shares were down 2.03% at 130p.
NR
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.
-
Reducing cash ISA limit will make lending difficult and expensive, warn providers
An open letter from the Building Societies Association has urged the chancellor to keep the cash ISA limit at £20,000. We look at whether a smaller cash ISA allowance will make it harder to get a mortgage or loan
-
Nvidia becomes world's first $4 trillion company
The AI boom has catapulted Nvidia’s share price to astronomic heights, becoming the world’s most valuable company and the first to pass the $4 trillion milestone