| Mecca Bingo Tops Stock Market as Guoco Offer Closes |
| Written by Mark Bennett |
| Monday, 18 July 2011 18:57 |
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Rank Group, the parent company of Mecca Bingo and Grosvenor Casinos was the biggest riser on the FTSE 250 index today after the gambling giant announced that the Guoco offer was now closed and a broker upgrade the company. The acceptance level was 74.5% for its 150p a share offer, which was narrowly below the 75% threshold which would have risked its listing on the London stock market. Brokerage firm Panmure Gordon reinstated its “buy” recommendation on the company, saying that it remains “a compelling investment proposition.” While the stock markets witnessed heavy losses with renewed fears over government debts gambling companies such as Betfair Group, William Hill and Ladbrokes declined following news that the UK Treasury plans to make a number of regulatory changes that will see online gambling companies based offshore paying British tax.
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