Business
Response to Guoco Group's Offer Update
Response to Guoco Group's Offer Update.
About this update from Rank Group Plc
[{"type":"text","content":"\n \nRNS Number : 1769I Rank Group PLC 09 June 2011 \n\n9 June 2011\n \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 \nResponse to Guoco Group's Offer Update\n \nFurther to its announcement on Wednesday, 8 June 2011, the Board of The Rank Group Plc (\"Rank\" or the \"Group\") has noted the announcement by Guoco Group Limited (\"Guoco Group\") that its offer for Rank (the \"Offer\") has now been declared unconditional in all respects. Having assessed the position further and consulted with its advisers, the Board sets out below its views on the Offer and its recommendation to Rank shareholders.\n \nThe Board continues to believe that Guoco Group's final Offer of 150p per share substantially undervalues Rank and fails to reflect its underlying value and prospects, including the significant potential upside related to VAT claims. Rank is an excellent business with strong market positions, trusted brands and a clear strategy that is generating value for shareholders through achieving sustainable growth in earnings and dividends. The Board remains fully committed to delivering greater value for all shareholders through the strategy set out in its circular to Rank shareholders. Accordingly, the Board reiterates its recommendation to shareholders that they do not accept the Offer and should take no action.\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 \nNote:\n \nBy the end of the year, Rank expects the appeals process regarding the retention of VAT proceeds of £275m to be completed. Rank has also submitted further VAT claims for at least an equivalent value to the proceeds already received and Rank expects that these claims will be considered over the next two to thre...