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.
Many counties and districts have taken up the ruling that bingo games are only allowed as charitable events and can be used as fundraisers. Since bingo is not going to be associated with betting and wagers, bingo players can now expect to play bingo only [...] 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>>
Megabucks Bingo is where people come to play bingo and help raise funds for good causes. This bingo hall has been helping support and raise funds for a good number of charitable groups and organizations. In And, the most recent cause was the American Prostate Cancer [...] Read More>>
While some bingo halls are closing down in some districts in the United Kingdom, there are other bingo halls that are expanding or shifting to new venues. The bingo hall at Madeley is such a case. Bingo players who are based in Madeley now have a [...] Read More>>