Rank rebuffs move by US rival

26 Nov 2007

LONDON, ENGLAND -- As reported by the (British) Telegraph: "Rank, the embattled casino and bingo operator, has rejected an audacious proposal from Harrah's Entertainment, the owner of the Caesars Palace casino and one of the world's largest gambling companies.

"The proposal would have seen the Las Vegas-based company sell a significant portion of London Clubs International (LCI) to Rank in return for a stake of around 28 per cent, according to people familiar with the discussions.

"...The US company, which is in the process of being acquired by Apollo and TPG, the private equity groups, bought LCI only last year for around £300m, its first foray into the newly deregulated British gambling market.

"...Leisure groups such as Rank have seen their shares hit in recent months as investors have raised concerns that tougher legislation, in particular the smoking ban, will hit profits..."

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	Rank rebuffs move by US rival 26 Nov 2007 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> LONDON, ENGLAND -- As reported by the (British) Telegraph: "Rank, the embattled casino and bingo operator, has rejected an audacious proposal from Harrah's Entertainment, the owner of the Caesars Palace casino and one of the world's largest gambling companies. "The proposal would have seen the Las Vegas-based company sell a significant portion of London Clubs International (LCI) to Rank in return for a stake of around 28 per cent, according to people familiar with the discussions. "...The US company, which is in the process of being acquired by Apollo and TPG, the private equity groups, bought LCI only last year for around £300m, its first foray into the newly deregulated British gambling market. "...Leisure groups such as Rank have seen their shares hit in recent months as investors have raised concerns that tougher legislation, in particular the smoking ban, will hit profits..."