Rank Says Guoco Offer of 150 Pence a Share Significantly Undervalues Stock
Stock Chart for Rank Group PLC (RNK)
The offer, required after Guoco boosted its shareholding in Rank to 41 percent, represents a 0.8 percent premium to yesterday’s closing price of 148.8 pence, Maidenhead, England- based Rank said in a statement late yesterday.
Rank, which has gambling businesses in the U.K., Spain and Belgium, rose 1.3 percent on Friday, valuing the company at 581 million pounds ($951 million.)
“The Guoco Group stated that it looks forward to continuing its existing relationship with Rank,” according to the U.K. company’s statement.
Guoco, a Hong Kong investment group, made the bid after subsidiary All Global Investments Ltd. bought the 12 percent stake in Rank held by Genting Bhd (GENT), Guoco said in a statement on May 6. Genting is a Malaysian holding company with interests in gaming and entertainment.
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