London Clubs International (LCI) has curtly rejected a takeover bid from rival casino operator Stanley Leisure.

Following much press speculation, Stanley made an offer of 25p per share for the debt-laden LCI, valuing the company at £250m.

However, a press statement issued by LCI, responding to the offer letter, said: 'The making of any offer is subject to a long and unacceptable list of pre-conditions, including the stipulation that LCI's banks and other debt financiers agree to the redemption of their debt at a discount to its face value.'

It concluded: 'The Board does not believe this letter merits any further discussion.'

Stanley Leisure made the offer in conjunction with Hg Capital and if successful, would have seen Stanley Leisure taking over five of LCI's six London properties, with Hg Capital owning the sixth as well as casinos in Brighton, Southend, South Africa and Egypt.

Also involved in the deal is former LCI chief executive Alan Goodenough, who retired from the company last year due to ill-health, after the Aladdin casino in Las Vegas - which LCI had invested heavily in - filed for bankruptcy, leaving LCI with £240m in debts. Details: www.stanleyleisure.com / www.lciclubs.com