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
-
DIY pension investors take tax-free cash amid switch to ISAsSelf-invested personal pension (SIPP) investors are rushing to withdraw their tax-free cash and turning to ISAs amid fears of a pension tax raid in the Autumn Budget
-
12 ways pensions could be reformed in Budget – including an alternative to charging IHTPension savers could face new rules after the Budget if chancellor Rachel Reeves targets their pots to fill her own fiscal black hole – what potential pension changes could be on the way?
