The UK Gambling Commission has given the Rank Group approval to go-ahead with their acquisition of Stride Gaming.
Rank Group, the operator of Mecca Bingo and Grosvenor Casino, has now been given the green light to continue with its acquisition of the online casino and bingo operator.
The firm made an offer to purchase Stride’s entire share capital in May for £115.3 million. Following this, Strike Gaming shareholders vote in favour of the acquisition in July with reports suggesting 96.43% voting for the buyout and 3.57% voting against it.
To continue with the acquisition, Rank required the approval of the UK Gambling Commission to continue with the deal. Now that the firm has the Commission’s approval, Rank Group and Stride Gaming have reportedly announced a hearing next week on October 2nd at the Royal Court of Jersey to complete the acquisition.
Reports suggest that if the deal is finalised next week, October 3rd will be the final day of trading for Stride’s shares. Stride Gaming has also made an application to London’s Alternative Investment Market exchange to cancel the admission to trading its shares from October 7th.
Rank claims that the deal would improve its performance and reduce costs through Stride’s proprietary technology platform. It’s thought the deal will also enhance the firm’s management team with the merging of Stride’s senior staff.