博彩公司Rank的收购闹剧

　　任何事情不可能比这更令人觉得可笑，Mecca bingo的控股公司Rank恢复仅在上周辞职的行政长官伊恩伯克的职务。

　　这出闹剧从5月开始，当时英国的收购规则迫使香港投资集团国浩宣布购买额外的11.6％的股份后，将向宾果和赌场运营商支付585000000英镑的强制要约现金。尽管其随后的强制要约没有预想到会获得股东们的支持，但该交易花费了国浩40.8％的股权，高于29.9％的起拍点。

　　5月9日 - Rank负责人说：“拒绝”

　　博彩公司Rank发布一份声明，建议股东拒绝国浩每股150磅的收购价。博彩公司Rank还声称，该收购价格严重低估了Rank的市场价值和发展前景。

　　6月8日 - 第一次180度的转变， 股东会说：“不采取行动”

　　谁知道那些股东是怎么想的呢？有些股东根本不重视委员会的建议。国浩同意接受该公司56.4％的股份，这意味着国浩有机会成为博彩公司Rank最大的股东。股东会说他们正在认真考虑当下的情况，并声称股东们暂不采取任何行动。

　　6月23日 - 第二次180度转变，股东会说：“接受”

　　两个星期对于博彩公司Rank来说是一个漫长的过程，于是博彩公司博彩公司Rank开始采取行动，以填补令人难以忍受的信息真空。虽然Rank的股东会曾经表示，国浩的报价大大低估了Rank的实力，但他们开始建议股东们接受这一报价。这个最新的公告另很多人感到费解。

　　6月27日 - 第三次180度转变，股东会又突然说：“拒绝（或不可能接受）”

　　Rank表示，一份国浩的声明“比以前更清晰，更全面地阐述了维持Rank在伦敦股票交易所挂牌的意图”。博彩公司Rank马上告诉那些希望Rank股票公开买卖的股东，要拒绝收购，却给了那些不受该消息干扰的股东相反的建议。

　　6月28日 - 第四次180度转变， 股东再次说：“接受”

　　6月这一天，是Rank最尴尬的一天。尽管如此，28日这一天依然被证明是Rank玩的一个把戏。当投资者正在忙着作最后的电话咨询时，从2006年三月任职至今的总裁Ian Burke和从2008年六月任职至今的财务总监Qaddy Gallagher双双离开股东会。

　　该公司的发言人很快就在网上表态：“股东会紧急召开，以讨论这些最新的事态发展。傍晚，董事会已改变了主意，并再次建议股东接受国浩公司的出价。

　　7月4日 - 第五次180度转变，股东会又再次说：“拒绝”

　　国浩表示，它已接受了价值85.69％的股份，但事实证明Rank又一次转变态度，他们又突然改变初衷，股东撤回了国浩的要约，因为他们的行政长官伊恩伯克重新回来了。

　　译文：

　　Just when you thought things could not get any more ridiculous, Rank, owner of Mecca bingo, performed its fifth U-turn in a month – and reinstated its chief executive, Ian Burke, who had resigned only last week.

　　The farce began in May, when British takeover rules forced the Hong Kong investment group Guoco to announce a ?585m cash offer for the bingo and casino operator after buying an additional 11.6% stake. The deal took Guoco's shareholding to 40.8%, above the 29.9% threshold where it had to make a bid – although its subsequent compulsory offer was not expected to gain much support from shareholders.

　　9 May – Rank board says: "Reject"

　　Rank releases a statement recommending shareholders reject the 150p-a-share Guoco offer. The board told shareholders that it had "considered the offer and believed it significantly undervalues Rank and its prospects".

　　8 June – U-turn 1 （Kelly's Eye） – the board says: "Take no action"

　　Who'd have thought it? Some shareholders were not paying attention to the board's recommendations. Guoco shocked Rank executives by receiving acceptances for 56.4% of the company, meaning it looked certain to end up owning most of it. "The board is carefully considering the situation," said Rank without a hint of irony. "A further announcement will be made in due course. In the meantime, shareholders are advised to take no action."

　　23 June – U-turn 2 （One Little Duck） – the board says: "Accept"

　　Two weeks is a long time at Rank, so the company moved to fill the intolerable information vacuum by presenting a full house of shareholder recommendations （while also fingering its high-profile adviser）。 "While the independent directors of Rank, who have been so advised by Goldman Sachs International, consider the offer to substantially undervalue Rank, they recommend that shareholders accept the offer", the latest missive mused confusingly.

　　27 June – U-turn 3 （Cup of Tea） – the board says: "Reject （or possibly accept）"

　　Rank says a statement by Guoco sets out its "intention to continue the listing of Rank shares on the London Stock Exchange in clearer and more comprehensive terms than previously explained". So that's all right. The firm tells shareholders who want a Rank public listing that they should decline the offer, while offering conflicting advice to any who aren't bothered. "The independent directors of Rank, who have been so advised by Goldman Sachs International [that's Harper again], consider the offer to substantially undervalue Rank," the latest U-turn said. "For those shareholders who are not concerned that the listing may be cancelled, the directors recommend that they reject the offer."

　　28 June – U-turn 4 （Knock at the Door） – the board says: "Accept" （and our chief executive has quit）

　　A June day just wouldn't be a June day without an embarrassing Rank announcement. Still, the 28th proved a particular treat: it contained two. As investors were making their final calls before sloping off to their favourite City lunching spots, Ian Burke, chief executive of Rank since March 2006, and Paddy Gallagher, who had been finance director since June 2008, both quit the board with immediate effect.

　　Never shy of issuing a statement, the company's caller was soon online to admit: "The board is convening urgently to discuss these latest developments with its advisers [chop chop, Harper] and a further announcement will be made shortly."

　　They weren't kidding, either. The resignations prompted another rethink by the company. By early evening, the board had changed its mind again – and was now advising shareholders that they should accept the bid.

　　4 July – U-turn 5 （Man Alive） – the board says: "Reject" （but Burke's back）

　　Another day, another Rank effort – and another namecheck for the embattled Harper. Guoco said it had received acceptances worth 85.69%, but confirmed there was now a procedure for any shareholders who had accepted the offer to withdraw if they had suddenly changed their mind （indecisiveness is not a crime, after all）。