Business
Rank confirms rejection of Guoco Group's Offer
Rank confirms rejection of Guoco Group's Offer.
About this update from Rank Group Plc
[{"type":"text","content":"\n \nRNS Number : 7433G Rank Group PLC 17 May 2011 \n\n17 May 2011\nThe Rank Group Plc\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \nRank confirms rejection of Guoco Group's Offer\n \nThe Rank Group Plc (\"Rank\") notes the publication of the offer document earlier today by Guoco Group Limited (\"Guoco Group\") making its offer to purchase the whole of the issued and to be issued ordinary share capital of Rank not already owned by Guoco Group (the \"Offer\").\n \nThe Board of Rank (the \"Board\") reiterates its view that the Offer of 150p per share significantly undervalues Rank and its prospects, and it recommends that shareholders do not accept the Offer. Guoco Group continues to demonstrate its support for Rank and its executive management team and the high quality nature of its business and its future prospects. This support and the statement that Guoco Group looks forward to continuing its existing relationship with Rank, reinforces the Board's view that shareholders should take no action.\n \nThe Board will be writing to shareholders within the next fourteen days to explain in detail its reasons for recommending that shareholders do not accept the Offer. In the meantime, shareholders are strongly urged to take no action in respect of Guoco Group's Offer.\n \nEnquiries:\n \nThe Rank Group Plc\nDan Waugh +44 1628 504 053\n \nGoldman Sachs International\nNick Harper +44 20 7774 1000\n \nFinancial Dynamics\nBenjamin Foster +44 20 7831 3113\n \nGoldman Sachs International, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Rank and for no-one else in connection with the offer and will not be responsible to any person other than Rank for providing the protections afforded to clients of Goldman Sachs International, nor for providing advice in relation to the Acquisitio...