Rank hits back at £586m Guoco bid

RANK Group yesterday stepped up its defences against a takeover bid from its biggest shareholder, telling investors that Guoco Group’s offer “substantially undervalues” the casino and bingo hall operator, and that shareholders should reject the offer.

Asia-based Guoco Group’s 150p approach, which valued Rank at £585.8m, was triggered after the property and investment manager raised its holding to 41 per cent.