Rumours Around Rank
Last updated: 13/03/2008 16:59
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There was heavy trading in Rank Group yesterday amid talk that the leisure conglomerate, which operates Mecca bingo halls and Hard Rock Cafes, could soon find itself on the receiving end of a 330p-a-share bid from a private equity group.
The rumours, which first surfaced a couple of weeks ago, came as ABN Amro issued a research report that highlighted why Rank might be the target of a leveraged buyout.
Upgrading its recommendation to 'buy' and setting a 355p target price, the Dutch broker said Rank had the financial strength to borrow £750m and return the money to investors by way of a share buyback.
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