On 30 January 2012, The Rank Group Plc (74.5% owned by Malaysian business tycoon Quek Leng Chan's Guoco) announced that it was in discussions with Gala Coral Group about a potential acquisition of Gala’s casino business. Rank has today announced that these discussions have ended after it became clear that the proposed terms of the acquisition would not serve the best interests of Rank’s shareholders.
Rank’s chairman and chief executive officer Ian Burke commented, ‘'Rank remains committed to delivering sustainable growth in shareholder value; the proposed terms of the potential acquisition did not achieve this objective. We will now concentrate on delivering our organic growth plans, including the delivery of 12 more G casinos by 2015.”
The Gala Coral Group commented that it has been in discussions for a number of months with The Rank Group plc about the potential disposal of its casino business to Rank. “These discussions have now ended after the parties failed to reach an agreement that was in the best interests of our shareholders. The Gala Coral Group will continue to manage its casino business in line with its stated objectives.” (E-03.29.12)
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