Rank investors accept Guoco's unwilling bid
Sunday 03 July 2011
Investors selling shares in Rank, owner of Mecca Bingo, are set to ignore an extraordinary plea from the Guoco Group to turn down its 150p-a-share takeover offer.
In May, Guoco bought a stake in Rank that brought its shareholding to 41 per cent. This took it well over the 29.9 per cent threshold forcing it to make a takeover bid under Takeover Panel rules.
But Guoco does not want to delist Rank and has appealed to the 15 per cent of investors who have accepted the offer to rethink.
An institutional investor with about 1 per cent who is selling out said: "We won't change our minds as we don't want to end up being an insignificant investor in an Asian company."
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