Independent Directors now reject offer
Another change of heart has been made in Rank this week, adding to confusion among shareholders. Namely, in regards to a statement issued by Guoco Group (Guoco) in which it provides a more detailed explanation on its intentions with Rank Group's (Rank) London Stock Exchange listing, Rank's Board decided to change its position and reverse its recommendation, in part, that shareholders accept the deal as the Independent Directors of Rank intended to do so just last week.
Then, Guoco issued a corresponding statement specifying that it intends to continue with the listing whether it attains a 75 percent hold on the company or not.
Now, as the Board still considers the offer undervaluing, and remains concerned about potential de-listing, Independent Directors decided to take the advice of Goldman Sachs International and reverse their recommendation, so they now no longer want to take the offer with regard to their own beneficial holdings in the company.
In addition, they advised those shareholders who “are risk-averse to sell and those who are not, to also reject the offer.”