Guoco’s Rank offer closes just short of delist mark
Guoco Group have closed their public offer for shares in Rank Group, leaving the Asian investment management company with a 74.5% holding in the British gambling giants, just below the point that would have triggered a mandatory delisting of Rank’s shares.
Guoco made a takeover bid at 150p per share in May after increasing their stake in Rank to 40.8%, amid fears that it could delist Rank shares from the stock exchange, something which would have happened had the company gained control of 75% of Rank’s shares. As it was, the final figure stopped just shy of that level, meaning that Rank will remain on the London Stock Exchange.
In early July Guoco had shareholders acceptances that equated to a nominal holding of 85.7% in Rank, but the group opted to extend the offer period by two weeks and allow shareholders to withdraw their acceptances, something that a number choose to do.
Reacting to the closure of the public offer, a Guoco statement said: “Guoco is pleased that so many of Rank’s shareholders have continued to support the company and looks forward to continuing to work with Rank and its executive management team to build on Rank’s success to date.
“Guoco has consistently made clear its intention that Rank should continue to be a listed company following the offer and has always maintained that Rank is well-positioned for future growth.”
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