| Malaysian Tycoon Makes Offer for Rank Group |
| Written by Mark Bennett |
| Friday, 06 May 2011 21:52 |
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The Malaysian tycoon Quek Leng Chan is behind the bid with Guocco, which is part of the Hong Leong conglomerate, offering to buy the remainder of the shares it does not own in the Rank Group for 150p a share. Report suggest that the bid is not hostile and that "Guoco supports the Rank management team," Guoco added in a statement that: "The increased stake in Rank is consistent with Guoco's ongoing strategy of investing inmarket leaders in the global leisure sector." Shares in the Rank Group increased 1.9p to 148.8p in the short period of time between the announcement and the closing of the London stock market. Guoco already owen a 29.3 percent of the Rank Group already and has built up the stake over a number of years. On Friday the company acquired a further 11.6 percent stake in Rank, increasing its shareholding to 40.8 percent and triggering a mandatory takeover offer.
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