The Rank Group Plc : Agreement to acquire Gala Casinos for £179 million (PDF 183 KB)
03/06/2013| 12:35pm US/Eastern
The Rank Group Plc
Agreement to acquire Gala Casinos for £179 million
6 March 2013
On 12 May 2012 The Rank Group Plc ("Rank") announced that it had conditionally agreed to acquire Gala Casinos Limited ("GCL") from Gala Coral Group Limited ("Gala Coral"). That conditional agreement (the "Original Agreement") envisaged
Rank purchasing 23 casinos and three non-operating casino licences (the "Proposed Acquisition"). The Original Agreement anticipated the possibility of the Office of Fair Trading ("OFT") requiring a limited number of casinos to be excluded
from the Proposed Acquisition. Rank shareholder approval for the Proposed
Acquisition was obtained at a general meeting of Rank held on 26 July 2012.
On 20 August 2012 the OFT referred the Proposed Acquisition to the Competition Commission for an in-depth merger review and, as a result, the Original Agreement lapsed. On 19 February 2013, the Competition Commission published its final report following its review of the Proposed Acquisition.
Rank is pleased to announce that it has now agreed terms with Gala Coral for the purchase of 19 of the 23 casinos originally comprised within the Original Agreement, as well as the three non-operating licences also comprised within the Original Agreement (subject to agreeing in the next few weeks appropriate remedy undertakings with the Competition Commission in relation to the four casinos to be
retained by Gala Coral and Rank