Rank investors win more time

The Takeover Panel has granted shareholders in Mecca Bingo owner Rank Group a two-week reprieve to allow them more time to understand the appetite for Malaysian bidder Guoco’s 150p per share bid for the company. Institutional shareholders had voiced concern that they may have been rushed into either accepting the offer, which was due to expire today, or being left as small shareholders in an unlisted company. Rank’s board has repeatedly changed its stance on the bid, which was just a one per cent premium to its share price.