03/29/2012 : Best interests of Rank shareholders not served by present proposals
The proposed acquisition by UK online and land gambling group Rank plc of rival Gala Coral is off the table, a statement from Rank revealed Thursday.
Advising the market that the talks had been discontinued, Rank's chairman and chief executive officer Ian Burke commented, ”Rank remains committed to delivering sustainable growth in shareholder value; 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 12 more G casinos by 2015."
At the end of January this year Rank announced that it was in discussions with Gala Coral Group about a potential acquisition of Gala's casino business