In a saga that has rumbled on for almost as long as “the saga”, Guoco might be about to get their man in the shape of the Rank group. According to eGaming Review, the All Global Investments Limited (AGIL) subsidiary of the Hong Kong-based group received a good enough level of acceptance for their 150p offer to Rank shareholders. The group, that already owns 40.8% of Rank’s shares, has gained acceptance from another 15.6% of shareholders pushing it to a level where a mandatory cash offer is obliged.
Last month, Rank’s board had advised its shareholders to reject the offer due to its undervaluation. It was reiterated by James Hollins of Evolution Securities who gave their shares a buy recommendation and 185p price target, adding, “We continue to think that shareholders should reject the bid as undervaluing the group that is making significant headway in operational improvements and benefiting from positive tax and regulatory changes.”
Rank also made a statement, saying, “The Board is carefully considering the situation. A further announcement will be made in due course. In the meantime, Rank shareholders are strongly advised to take no action.”
Guoco originally announced its intention to bid £586m in early May. That itself is on the condition that they gain the acceptance from shareholders representing more than 50% of the stock.
In other news Bet365 has announced the appointment of new head of networks and security. Neil Selby joins the company after previously holding a position as head of IP and security design at Ericsson.
