Rank Deal with Gala Has Been Cancelled

Rank deal with Gala has been cancelled after owner of Mecca Bingo has walked away from talks over a deal with gambling company Gala Coral that would have created the UK's biggest casino operator. The discussion between Gala Coral and Rank group that took place in January was about to finalise a few days back, unfortunately the £250 million deal between the two giants of gambling industry has been cancelled.

Chief executive of Rank Ian Burke points that proposed terms and conditions don’t deliver any value to shareholders, and Rank will now focus on growing its own business, including opening 12 new Grosvenor Casino sites, which are aimed at younger crowds.

The Gala Coral casino spokesman stresses that their business was not for sale on the first place.  Gala Coral spokesman points: "Our casino business was not for sale when Rank made an unsolicited approach. Now that it is clear that a transaction on terms acceptable to our shareholders cannot be concluded, we are very happy to continue to drive growth from our casinos which are performing very strongly."

This deal would have make Rank as the biggest firm in the sector.

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