Venture capital funds set on hostile bid forRank
Article Abstract:
Several US venture capital funds are stalking Rank, the UK leisure group, and are thought to be drawing up proposals to make a hostile cash bid after Rank reports its interim results next Tuesday, August 4th. Blackstone and Kohlberg Kravis Roberts, two of the largest US venture capital funds are rumoured to be interested. Rank's property assets are thought to be particularly attractive, as are the reliable cash flows from Rank's Bingo halls. Although even the largest venture capital groups could find the exposure too high, one option would be for them to share the equity with other funds or sell some of Rank's assets. The group's Hard Rock Cafe and Tom Cobleigh pub chain could be of interest to trade buyers. Analysts expect Rank to post poor results and more criticism from Rank shareholders seems inevitable. There has been much unease about over-priced acquisitions and failure to revive core brands. Such dissatisfaction makes it likely shareholders would welcome a cash offer.
Comment:
Several US venture capital funds are stalking this co and are thought to be drawing up proposals to make hostile cash bid
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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Luke, 15, gambles away all his cash every week. It's something to do, he says
Article Abstract:
There are now 2 million 12- to 15-year-olds in the UK who spend their pocket money on fruit machines. Within this age group, an estimated 100,000 people have a serious addiction to gambling. Experts point out that teenagers are strongly aware of the power of money, but do not have the responsibility to deal with money properly. They fear that teenagers who are currently addicted to gambling will not be able to fit into society when they grow up. They emphasize that even sporadic gambling could lead to serious addiction at some stage.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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When freedom is a flattened cardboard box for a bed
Article Abstract:
Some of the UK's homeless people have reacted negatively to initiatives by the government to clear them off the streets. They feel that they should not be forced to be accommodated in hostels, which they perceive as containing many alcoholics and drug addicts. Some admit to having made themselves homeless as they were unable to cope with the routines and responsibilities of everyday life. However, others accept that they cannot remain homeless indefinitely.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
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