Hong Kong-listed investment company Guoco Group has announced that it has now gained majority control of UK bingo hall and casino operator, Rank Group.

Last month, Rank advised its shareholders to dismiss a mandatory takeover bid from Guoco on the grounds that it "significantly undervalued" the business. However, Guoco has confirmed that the terms of its offer has now become unconditional as it has acquired around 56.4 per cent of the existing issued share capital of Rank.

A Guoco spokesperson said: "Guoco looks forward to continuing its productive relationship with Rank and the continued growth and development of Rank's business."