Mecca Bingo Reject Takeover
The land based and online bingo giant Mecca Bingo have rejected a recent takeover bid. The parent comapny “Rank” is currently listed on the London stock exchange. Major share holder, Malaysian investor Quek Leng Chan recently increased his stake in the company to over 40%.
Whether this is good or bad for the players remains to be seen. The fact that someone else desires majority control of the gaming group shows that they see a strong and stable company.
This means that in the event of a takeover, promotions and offers are likely to get even better due to the extra cash injection. However this latest bid does shake things up a bit.
Mr Leng Chan has offered 150p per share to the Rank group. Valuing the company at £586 million pounds. However this offer was quickly rejected on the grounds of it undervaluing the company. After this revelation, the company share price has risen to 151p per share.
The future ownership seems uncertain but it looks like Mr Leng is determined to get majority control of the company. However, due to owning 40% of the company Mr Leng has great say in how the company is currently run. That is why we are certain ownership will have little effect on players and is more of a behind the scenes squabble for money and control.
Keep your eyes peeled to this situation over the coming months. Something tells me that we may see some interesting developments.
Subsequent to implementing a search warrant at two gaming centers at Alabama, which includes the one in Greenetrack in Greene County, the Attorney General’s office seized seven hundred machines earlier today. The incident has recurred yet again at the same gaming center after 800 bingo [...] Read More>>
This last week turned out to be an exceptionally lucky week for 9 bingo players in the Philippines. Although bingo games have been known to pay out in large numbers, even in millions, it is an extremely rare circumstance to see 9 players will millions [...] Read More>>
A couple from Houma who own a jewelry store in the region have decided to expand their investment ventures and recently purchased a small bingo hall and what was a five and dime store earlier in addition. Williams Realty Co. sold the Mardi Gras Hall for [...] Read More>>
The bingo industry in the United Kingdom may be thriving in various British counties, but this may not necessarily be the case in Liverpool. According to news reports, a popular bingo hall in Liverpool is soon to become the venue for a fitness center. A [...] Read More>>