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Rank Group shares soar
Shares in Rank Group jumped 6.2 per cent after it became clear the bingo and casino operator will retain its London listing, ending lingering questions in the wake of a 150p a share offer from Hong Kong-based Guoco Group. The Rank board initially said the deal significantly undervalued the company. Guoco could have delisted the business if it had achieved a 75 per cent stake in the company, but it fell narrowly short as the offer closed. The announcement marks the end of a turbulent time for Rank, whose board flip-flopped a staggering four times in its recommendation to shareholders over the offer. It also parted company with its chief executive Ian Burke before re-hiring him within a week.