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GALA CORAL SOLD FOR GBP 205 MILL

Saturday May 12, 2012 :  GALA CORAL SOLD FOR GBP 205 MILL
 
Quick agreement following a return to the negotiating table
 
Rank Group plc execs and their counterparts at Gala Coral have quickly reached agreement on the acquisition of the latter gambling group for GBP205 million, after returning to the negotiating table earlier this week .
 
Only months earlier Rank had walked away from the deal, saying it had ended talks to buy Gala's casino business as the terms of the proposed deal were not sufficiently beneficial.
 
The Reuters news agency reported Saturday that the deal will make Rank, which is 74.5 percent-controlled by Malaysia's Guoco Group, Britain's biggest land casino operator and includes 23 UK casinos and 3 non-operating licences, but excludes casinos in Dundee and Gibraltar and the non-operating licence for the City of Westminster in Central London.
 
The sale is expected to complete in September 2012, a Gala spokesman said, and is conditional upon the approval of Rank shareholders and the receipt of UK merger control clearance.
 
"This transaction will crystallise significant value for our shareholders and debt investors," said Carl Leaver, chief executive of Gala Coral, which is controlled by a largely private equity shareholder base comprising of 21 different investors and has recently seen tough financial times.



Gambling News :

Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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