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Blackstone to bid £1.4bn for Rank
US private equity firm Blackstone Group is reportedly preparing a £1.4bn bid to buy the Rank Group.
Media speculation resulted in Rank’s share prices increasing by 12.75p to 238.25p on 3 April 2006.
Blackstone reportedly approached Rank in November 2005 with a £2.3bn offer at 370p per share, but abandoned talks with Rank shortly after.
Rank’s difficulties in selling its Deluxe Film division in December 2005 weakened the company’s standing and resulted in a fall in share prices.
It now operates Grosvenor Casinos, Mecca Bingo and Hard Rock Cafe. Details: www.rank.com or www.blackstone.com
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