Malaysian entertainment group Genting has reportedly made an approach to acquire Stanley Leisure, the UK gaming company.
The news comes less than a week after merger talks between Stanley and London Clubs International (LCI) were terminated after the latter received a £279m recommended offer from US casino giant Harrah’s Entertainment on 31 August.
A spokesperson for Stanley said that the company “notes the recent movement in its share price and confirms that it has received a proposal concerning a possible offer which the board is currently evaluating”, but would not confirm Genting’s involvement.
Genting already has a 10.6 per cent stake in Stanley and is also the biggest shareholder in LCI, with a 29.7 per cent stake. Genting is yet to declare whether it will accept Harrah’s offer, leading to speculation that it may launch its own bid for LCI.
Stanley’s shares closed up 18 per cent at 811p yesterday, which would value the company – which operates 45 casinos in the UK – at £570m. Details: www.stanleyleisure.com
Photograph: Stanley’s Crockfords casino in London
