We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedFinancial Planning

UK competition watchdog green-lights Rank-Gala deal


Competition Commission demands divestment of 4 casinos

Article comments

The UK Competition Commission has granted its approval to London-listed gaming operator Rank's acquisition offer for private equity owned casino business Gala Coral.  

However, in a statement on Tuesday, the watchdog demanded some changes to the original deal agreed by both parties in May 2012 which has since lapsed.

With both still pursuing the deal, the Competition Commission has ruled that the deal will be permitted as long as the casinos in Aberdeen, Stockton-On-Tees, Bristol and Cardiff are not included.

Additionally, Rank must sell the gaming licence it holds in Edinburgh to a buyer approved by the Competition Commission or it will also be prohibited from buying the Gala casino in Edinburgh. Further analysis had cleared Liverpool from being one of the problem areas in terms of gaming competition concerns.

Martin Cave, deputy chairman of the Competition Commission, said, "We think that removing the casinos in problem areas from the deal and requiring Rank to sell the Edinburgh cold licence to an upfront buyer will protect the interests of customers."

"The excluded casinos are all profitable and so we believe that they will continue to act as viable competitors to Rank in these areas," he added.

Rank's initial offer for Gala Coral was valued at £205 million. The valuation of the reduced bid is awaited.

Share:

Recommended Articles

Comments

UK competition watchdog green-lights Rank-Gala deal
Financial Planning

Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unansweredmore ..


Apple posts 5% rise in revenues to $37.4bn

CFO Luca Maestri said Apple had beaten the PC industry average in 32 of the last 33 quartersmore ..

Microsoft posts 18% revenue rise thanks to cloud

Profits for the quarter were down, howevermore ..

Public sector borrowing higher than expected in June at £11.4bn

public sector net debt equalled 77.3 percent of GDP, the ONS said.more ..

Budget: What business wants

CFOs are keen for the chancellor to avoid any uncertaintymore ..

Stay ahead of the curve

CFOs used to low interest rates ignore working capital optimisation at their perilmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *