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

  • Bingo is a fairly new entrant to the social gaming scene in Ferriday and some of the board members of the Ferriday Board of Aldermen had even voted against it. Now that it has been instituted they want to see it work and bring in [...]   Read More>>
  • There have been quite a few occasions that proved that bingo can make a real difference to someone’s life. This one is yet another hallmark testament to show how bingo can change a person’s life. Leanne Jennings, twenty eight and a mother, took home £100,000 after [...]   Read More>>
  • 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>>
  • After the events of Black Friday, the entire US gambling industry is in turmoil; along with the online poker sector, other gaming factions including the bingo industry are being affected. One of the more recent developments involves a notice issued by Luther Strange, the US Attorney [...]   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.