Rank takeover 'inevitable' after it sells off pension plan

3 Mar 2008

LONDON, England -- As reported by The Guardian: "Rank, the bingo and casinos group long seen as a possible takeover target, has removed a key obstacle for potential buyers by agreeing a deal to hive off its pension plan.

"The company is transferring the pension scheme to the investment bank Goldman Sachs, making £20m in cash and avoiding a further £30m in scheduled contributions to the scheme.

"The pension scheme has 20,000 members, reflecting the fact that Rank was once a bigger company.

"Analysts at Merrill Lynch said the deal made Rank a more attractive target by removing risk from its books. The investment bank Jefferies went further and said a 'break-up now seems inevitable'..."

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	Rank takeover 'inevitable' after it sells off pension plan 3 Mar 2008 <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 Guardian: "Rank, the bingo and casinos group long seen as a possible takeover target, has removed a key obstacle for potential buyers by agreeing a deal to hive off its pension plan. "The company is transferring the pension scheme to the investment bank Goldman Sachs, making £20m in cash and avoiding a further £30m in scheduled contributions to the scheme. "The pension scheme has 20,000 members, reflecting the fact that Rank was once a bigger company. "Analysts at Merrill Lynch said the deal made Rank a more attractive target by removing risk from its books. The investment bank Jefferies went further and said a 'break-up now seems inevitable'..."