Rank Takeover Now Inevitable
4th March, 2008
Rank, who once were one of the biggest names in the bingo and casino industry, have long been seen as a possible takeover target. They have now removed another potential obstacle for possible buyers by selling off their pension plan.
The company have sold off the scheme to the investment bank Goldman Sachs for £20million cash, avoiding scheduled contributions to the scheme amounting to a possible £30million.
Reflecting that Rank were once a much bigger company, the pension scheme already had over 20,000 members.
