Rank and Gala end bid talks
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Rank Group has ditched its £250m bid for Gala Coral's casino business after nearly three months of talks.
By adding the 24 casinos owned by debt-laden Gala Coral to the 35 already run by Rank, the deal would have created the biggest casino operator in the UK.
Ian Burke, Rank's chairman and chief executive, said the terms did not deliver value for the group's shareholders. He said: "We will now concentrate on delivering our organic growth plans, including 12 more casinos by 2015."
James Hollins, an analyst at Investec, said the decision is a "minor disappointment" but added Rank was "right to walk away".
Gala, which is owned by private equity also blamed the price for the breakdown in talks, which were initially sparked by a bid from Rank.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments