Reuters: Private Equity: UPDATE 1-Rank ends talks to buy Gala casinos

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UPDATE 1-Rank ends talks to buy Gala casinos Mar 29th 2012, 07:22 March 29 | Thu Mar 29, 2012 3:22am EDT March 29 (Reuters) - British bingo and casino operator Rank said it ended talks to buy the casino business of private-equity owned Gala Coral Group as the terms of the proposed deal were not beneficial for Rank. Rank, which operates 35 casinos and 103 bingo halls in Britain, had said in January that it was in talks with Gala. A potential deal would have made Rank Britain's biggest casino operator. "Rank remains committed to delivering sustainable growth in shareholder value; the proposed terms of the potential acquisition did not achieve this objective," Rank's Chief Executive Ian Burke said in a statement. Rank, which is 74.5 percent-owned by Malaysia's Guoco , said it would now concentrate on delivering its organic growth plans, including the delivery of 12 more G casinos by 2015. Maidenhead-based Rank, which owns the Grosvenor Casino and Mecca Bingo chains, had rejected a takeover offer from Guoco last year. The company's shares, which have risen 2 percent since late January when the company said it was in talks to buy Gala's casino business, closed at 129.5 cents on Wednesday on the London Stock Exchange. Link this Share this Digg this Email Reprints

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