Thursday, May 10,2012 : RANK GROUP AND GALA CORAL RETURN TO THE NEGOTIATING TABLE
Rank re-opens GBP200 million casino deal talks with Gala Coral
It appears that Rank Group plc is still interested in acquiring Gala Coral group despite walking away from negotiations at the end of March this year .
The Telegraph newspaper reported Thursday that the two gambling groups have returned to the negotiating table, with Rank still interested in a possible GBP 200 million deal for the casino wing of its rival.
The newspaper reports that the key stumbling block when the last talks broke down was the obligation to take on property leases relating to casinos no longer owned by Gala, though a disagreement over Gala Casinos’ pension liabilities was largely resolved. It notes that a successful deal would make Rank the leading casino operator in the UK.
Rank is now 74.5 percent-controlled by Malaysia’s Guoco Group following a takeover last year
Neither Rank or Gala Coral would comment on the resumed casino talks.