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LONDON-Malaysian gaming group Genting has plans to buy UK-basedStanley Leisure for euro 942 million only days after Harrah'sbought London Clubs International. A statement by Genting, whichalready owns 20% of Stanley, said it would buy the rest of theshares for £484 million, or 860 pence each. The price represents a26% premium to Stanley's closing stock price on Friday, a daybefore the bid was announced.
The takeover comes just days after Harrah's broke up a proposednil-premium merger between Stanley and London Clubs Internationalby offering to buy LCI for £280 million. Genting, which owns 30% ofLCI and has been eyeing a full merger, has said Harrah's cash offerof 125p a share for LCI meant a merger was off. It has yet to saywhat it will do with this stake in LCI.
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