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Rank urges shareholders to reject Guoco takeover bid

9th May 2011 7:47 am GMT

Rank Group has recommended that its shareholders do not accept a £585.8m mandatory takeover bid from Malaysia’s Guoco Group which was triggered after the company acquired an 11.6 per cent shareholding in Rank last Friday at a price of 150 pence, taking its total interest to more than 40 per cent.

Rank said that the offer, a premium of just 0.8 per cent on the company’s closing price of 148.8 pence on Friday, significantly undervalues the [...]

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