Rank Group, the owner of the Grosvenor Casinos and Mecca Bingo brands, has confirmed that it has terminated talks over the possible acquisition of Gala Coral Group's casino arm.

Earlier this year, Rank announced it had entered into discussions over buying Gala Coral's 24 Gala Casinos across the UK in a deal reportedly worth £250m.

However, Rank said in a statement that it had ended the talks "after it became clear that the proposed terms of the acquisition would not serve the best interest of Rank's shareholders".

Rank chair and chief executive officer Ian Burke said: "We will now concentrate on delivering our organic growth plans, including the delivery of 12 more G casinos by 2015."

A Gala Coral spokesperson added: "The Gala Coral Group will continue to manage its casino business in line with its stated objectives."

Details: www.rank.com