Mecca Bingo Reject Takeover

Mecca Bingo LogoThe 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.

Related Posts

  • The County Courthouse in Montgomery almost turned into a circus during the trial of Governor Guy Hunt, who was indicted on ethics-related grounds back in 1993, thanks to the excitement of the media. While admitting that cameras in court rooms are distracting to prosecutors as well [...]   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 entire bingo industry is eagerly waiting to see what is at stake for Rank Gaming and Mecca Bingo after it has been acquired by a Malaysian billionaire through his Honk Kong listed investment company. Sources say that the Guoco group own about 56% percent [...]   Read More>>
  • Playing bingo is a very lucrative activity and this was proven for a fact when a bingo hall in Brighton was robbed last Sunday. The Beacon Bingo Hall at Moulsecoomb Way in Brighton was subject to a robbery by three armed men who made off [...]   Read More>>

Free Bingo Money No Deposit

Learn how you can play bingo for real money without depositing a single penny. Enter your email to get sent our best free bingo offers.