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.
Once Facebook was launched, it turned out to be one of the biggest success stories of the web, and in a similar way Wonder Bingo was launched as a Facebook application, which although small is a significant role to have as a bingo provider. However, [...] Read More>>
Muggers may find that the little old lady bingo players are easy targets, but once they realize that they stand to get a 2 year sentence or longer – thy may decide to think again. Barry Clancy, 28, from Aberdeen attacked Margaret Craig, 63, when she [...] Read More>>
In the UK, there are many people who love playing a game of bingo, as it involves getting together with people over an entertaining and rewarding game. The bingo industry in the UK is also known to provide several job opportunities to the young and [...] 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>>