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.
Source: InfoPowa News