Last checked at 19 Sep 2012 09:00
19 September 2012
The Rank Group Plc ("Rank" or the "Company")
Update on proposed acquisition of Gala Casinos Limited ("Gala Casinos")
On 12 May 2012 Rank announced that it had conditionally agreed to acquire Gala Casinos from Gala Coral Group Limited ("Gala Coral Group") for a total cash consideration of £205 million (the "Acquisition"). The Acquisition was conditional upon the approval of Rank shareholders (which was obtained at a general meeting of Rank held on 26 July 2012) and upon receipt of UK merger control clearance by 19 September 2012.
On 20 August 2012 the Office of Fair Trading announced that it had referred the Acquisition to the Competition Commission. Accordingly, the Acquisition will not become unconditional by 19 September 2012 and therefore the agreement relating to the Acquisition will cease to be formally binding on the parties at midnight on 19 September 2012.
Rank and Gala Coral Group are nevertheless continuing to assist the Competition Commission with its inquiry and are continuing their discussions in relation to appropriate amendments to the Acquisition terms in the light of the reference to the Competition Commission. A further announcement will be made in due course.
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