Rank Group Close To Completing Stride Deal

October 7, 2019 by

After a court approved the deal, Rank Group took a step closer to completing its purchase of online casino and bingo operator Stride Gaming. Rank, the Mecca Bingo and Grosvenor Casino owner, made an offer in May of £ 115.3 m (€ 129.5m/$141.7 m) to buy the entire diluted share capital of Stride. Stride investors voted overwhelmingly in July to approve the purchase, while last month’s GB Gambling Commission also gave the transaction the green light to go ahead.

Rank also required court approval to proceed with the deal, and Stride shares are due to cease trading on AIM by 6 pm today (October 3) with the court having approved the transaction. Dealings in Stride securities will be suspended on October 4 at 7.30 a.m., while Stride has also applied to AIM for the cancellation of Stride Securities ‘ admission to trade on AIM, effective on October 7 at 7 a.m.

After initially proposing the bid, Rank said the deal will create a business on the digital market of genuine size and capacity, with pro forma digital net gaming sales of about £ 185 m. Rank also said the acquisition would help improve performance and cut costs by transitioning to the proprietary technology platform and in-house ecosystem of Stride. However, Rank said the merger would create significant value from strong synergies and provide the merged company with greater financial stability, while enhancing the management team with the inclusion of senior Stride staff.

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