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GUOCO MAKES SIGNIFICANT PROGRESS IN BID FOR RANK (Update)

Source: bluffed.net


Rank Shareholders relinquish 15.6% to Malaysian property and investment holding firm

Malaysian-based All Global Investments Limited ( AGIL ), a wholly-owned subsidiary of Guoco Group Limited ( Guoco ) has announced that it now holds 56.4% of the existing share capital of UK online and land gambling group Rank PLC ( Rank ).

Rank rejected a mandatory takeover offer of 150 pence per share earlier this year from Guoco, its biggest investor holding a 40.8% stake at the time, saying it significantly under-valued the company.

The Guoco cash offer was conditional that valid acceptances from Rank shareholders were received which would result in AGIL carrying more than 50% of the voting rights.

Guoco has since continued building its stake in the company and has received valid acceptances from Rank Shareholders representing a further interest of 15.6% in the company.

The Rank Group has acknowledged the announcement and has "strongly advised" its shareholders to take no action while its Board carefully considers the situation.

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