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.
The online bingo industry is thriving and expanding and bingo players have now come to expect the launch of a brand new bingo site almost every month! This month of May, the bingo community has been advised to prepare itself for yet another new bingo [...] Read More>>
Nine defendants, who were indicted by the US Department of Justice (DOJ) eight months back on various charges of bingo corruption, were relieved when their bingo case finally came up for hearing. This week, a federal court based in Montgomery set into motion the jury [...] Read More>>
We have heard of poker cheats, blackjack cheats and even cheating at roulette, but bingo is a game that it is almost impossible to cheat at – unless you have an understanding with the bingo caller. Marilyn Creapeau, a 56 year old bingo player from Gresham [...] Read More>>
If there is one thing that is unanimously loved all across the United Kingdom, it is football. However, when the Newcastle players came out to play bingo instead of football a few days ago, they proved that the Brits have grown to love this parlor [...] Read More>>