Rank Group who own Mecca Bingo have confirmed they are in advanced talks to buy rival Stride Gaming and are nearing a deal for the casino specialist for 151p per share.
The bid is at 28.5% premium to the Stride share price before the offer valuing stride at £114m. Under City regulations Rank Group has until 5pm on 28 June to make a formal offer or walk away.
Both companies said, “There can be no certainty that this will result in an offer for the company, nor as to the terms on which any offer might be made.”
Stride chief executive Eitan Boyd said, “The group has delivered a resilient performance in the first half of the year despite challenging trading conditions, reflecting the strength of our proprietary technology, as well as the skill and commitment of our team.”
In early morning trading on Friday shares in Stride were up by 23.8% to 145.5p.