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Rank terminates Gala Coral talks

Discussions that could have seen the creation of the UK’s largest land-based casino chain have ended without agreement.

Friday 30th March 2012

British gambling giant Rank Group has announced that it has terminated discussions with Gala Coral Group regarding a deal to purchase its rival’s land-based casino operation for up to 250 million. The talks, which had been carrying on since January, were regarding an agreement that could have seen Maidenhead-based Rank create the UK’s largest land-based casino estate by merging its 35-strong Grosvenor Casino chain with the 24 outlets owned by Gala Coral However, Rank stated that the discussions had now ended after it became clear that the proposed terms of the acquisition ‘would not serve the best interests’ of its shareholders. “Rank remains committed to delivering sustainable growth in shareholder value,” read a brief statement from Ian Burke, Chairman and Chief Executive Officer for Rank. “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 twelve more G casinos by 2015.”

Source: OnlineCasinoNews

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