Rank accepts Guoco takeover

The board of casino and bingo group Rank has succumbed to a takeover offer from Malaysian investment firm Guoco.Rank advised shareholders against the takeover last month, saying that the 150p-a-share bid fails to reflect the company's underlying value and prospects. It re-iterated that point today, but said failure to accept Guoco's proposal could damage the position of Rank shareholders."The board believes that it is important for Rank shareholders to understand that, while Guoco Group has announced its intention to maintain the listing of Rank's shares, if sufficient further shareholders accept the Offer such that the number of Rank shares held in public hands falls below the UK Listing Authority's listing eligibility threshold of a free float of 25 per cent., Guoco Group has reserved its right to consider all options available to it," Rank said.These options include the cancellation of the listing of Rank shares, Rank said. This would involve Rank shareholders who did not accept the offer would then not be protected by listing rules, it said.Rank's recommendation comes on the day the company, which runs Grosvenor casinos, Mecca bingo halls and the Blue Square online poker business, said total group revenue for the 25 weeks to 19 June 2011 rose by 4%. While accepting Guoco's proposal, Rank said the strong trading it reported supports its opposition to the takeover. Rank Group Plc