Rank Group £115.3 million takeover of Stride Gaming
Davis Polk is advising Evercore Partners International LLP as financial adviser to The Rank Group plc on its recommended offer to acquire Stride Gaming Plc, to be effected by means of a scheme of arrangement under the Jersey Companies Act. Under the terms of the offer, which is subject to customary conditions and governed by the UK Takeover Code, Stride shareholders will receive 151 pence per share in cash valuing the fully diluted share capital of Stride at approximately £115.3 million. The offer is to be financed by a new £128 million credit facility or, at Rank’s election, existing debt facilities or cash resources.
Rank is a leading European gaming business, based in the United Kingdom. Its shares are admitted to the premium listing segment of the Official List and to trading on the Main Market of the London Stock Exchange. Its principal activities are the operation of bingo clubs and casinos with complementary interactive gaming and bookmaking services. Stride is a leading online gaming operator and is quoted on AIM. It operates a multi-branded strategy, using a combination of proprietary and licensed software to provide an online gaming offering.
The Davis Polk corporate team includes partner Will Pearce and associate Fiona Tregeagle. The finance team includes partner Nick Benham and counsel Aaron Ferner. All members of the Davis Polk team are based in the London office.