Guoco to Take Over Rank?
Guoco are a corporation based in Hong Kong and they already own 40.8% of The Rank Group, and today they have had a bid to takeover the remaining 59.2% rejected by the Rank Group.
Rank are the owners of Grosvenor Casinos and Blue Square Poker, and they run the successful GUKPT, but they have firmly rejected the offer believed to be in the region of £1.50 per share, which puts their estimated value at around £586million. Rank are a company on the up, as last year in 2010 they announced a profit of £55.2million which was a staggering increase of 17% on the previous year. Not a bad profit seeing as though we are supposed to be in the midst of a recession!
Last Friday Ranks shares were trading at £1.42 each so the offer by Guoco was quickly dismissed by shareholders. Guoco already own just over 40% of Rank, and were bound by company legislation to make an offer as they recently secured another 11.49% of the company, and only time will tell if they come back with an improved offer.
The GUKPT is currently the largest poker tour in the UK, and they recently held the third leg of this seasons tour in Walsall. This weekend they are holding their summer series which is taking place in two different locations, Dundee and Brighton. There are five days of action at both venues, and the main event is a two day £500 + £50 No Limit Hold’em Re-entry event starting this Saturday at 12.00pm. Every player will start with 10,000 chips and there will be a 45 minute clock, and it will all come to a close on Sunday evening. There is still time to register but you will need to be quick, but with the option of playing in either Dundee or Brighton there should be space if you wish to take part.
Another great weekend of poker here in the UK then, and more profits for the Rank Group look likely, so if Guoco want complete ownership it looks like they will have to up their offer considerably.
Tags: Chips, Clock, Company Legislation, Dundee, Grosvenor Casinos, GUKPT, Hong Kong, Last Friday, main event, Midst, Poker, Previous Year, Profits, Rank Group, Recession, Shareholders, Staggering Increase, Sunday Evening, Takeover, Third Leg
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