Rank Gala Complications Could End The Deal

Casino Sale
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Rank Gala

The Saga Continues

After initially report that the Rank Gala Deal was on and then it was off  due to the Competition Commission,Rank have released an official update on the proposal to acquire Gala Casinos and is as follows

On 12 May 2012 Rank announced that it had conditionally agreed to acquire Gala Casinos
from Gala Coral Group Limited (“Gala Coral Group”) for a total cash consideration of £205
million (the “Acquisition”). The Acquisition was conditional upon the approval of Rank
shareholders (which was obtained at a general meeting of Rank held on 26 July 2012) and
upon receipt of UK merger control clearance by 19 September 2012.
On 20 August 2012 the Office of Fair Trading announced that it had referred the Acquisition to
the Competition Commission. Accordingly, the Acquisition will not become unconditional by
19 September 2012 and therefore the agreement relating to the Acquisition will cease to be
formally binding on the parties at midnight on 19 September 2012.
Rank and Gala Coral Group are nevertheless continuing to assist the Competition
Commission with its inquiry and are continuing their discussions in relation to appropriate
amendments to the Acquisition terms in the light of the reference to the Competition
Commission. A further announcement will be made in due course

Could this be the FINAL end of the Rank Gala Deal, or could this pave the way to make a smaller acquisition in the form of London Clubs International. Ceasers Entertainment have denied all rumours that LCI are for sale.

It may be that anything is for sale as long as the time and the money is right. The question would be if this deal would be subjecteded to the same scruntiny from the Competition Commission as the Rank Gala deal.?

Started working in the Casino Industry in 1985, just never managed to leave as yet. Visited 99% of all UK Casinos, seen them all,

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