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.
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