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Rank in u-turn, says no to Guoco bid

27th June 2011 9:27 am GMT

The board of Rank Group plc has been forced into an embarrassing u-turn this morning regarding the takeover offer from Hong Kong based Guoco Group, which the company’s independent directors now say they will reject.

As reported here Friday, Rank’s board begrudgingly accepted Guoco’s 150 pence per share takeover offer and recommended that other shareholders do the same, due to the possibility that the company’s shares could be de-listed from the London Stock Exchange if Guoco’s [...]

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