UK Casino Group Accepts Takeover Bid

Casino operator Stanley Leisure says it has agreed to a takeover offer from Malaysian gaming firm Genting.

The 860-pence-per-share offer from Genting values the UK casino company at about £639m ($1.2bn).

Stanley Leisure is the largest casino operator in the UK with 45 Casinos, including four in London.

British gambling companies have become increasingly attractive to foreign rivals following a shake-up of the laws governing the UK industry.

Last month, London Clubs International was bought by US gaming giant Hurrah's Entertainment for £280m.

Stanley Leisure had been in merger talks with London Clubs before Harrah's swooped.

Shares in Stanley then surged a week ago when it announced it was considering a takeover approach.

Genting already owned about 20% of Stanley Leisure's shares, and, announcing the agreed bid, said it had bought a further stake of nearly 11% from the UK firm's founder and chairman Lord Steinberg.

The Malaysian firm said it now had an interest in or commitments over approximately 30.5% of Stanley's share capital.

Bob Wiper, chief executive of Stanley, said the offer represented "fair value" for the company's shareholders.

Tan Sri Lim Kok Thay, chairman of Genting International said: "We are delighted that the board of Stanley is recommending this offer and look forward to Stanley joining Genting International to create an even stronger base for its future in the UK and the rest of Europe."