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.
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
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
