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Gala Bingo in takeover offer
Gala Coral, the owners of Gala Bingo, have become subject of a takeover offer from an American equity firm, Apollo.
The deal on the table is said to be for a 50% stake of the company for £250 million. Gala Coral have been open to the idea of investment since it became clear they have a debt of around £2.6 billion. They have already held talks with Blackstone who are said to be interested in purchasing a stake in the company.
Apollo are a firm who are experienced in the gaming world. They are shareholders in Harrah's, the Las Vegas casino operator who control many venues including Caesars Palace. Any money that is invested will be used to pay the senior lenders, with the junior lenders still holding a stake in the company.
The current cash troubles are not stopping Gala Bingo providing lots of funfilled bingo games to their members. It should still be business as usual.
To find your local Gala Bingo Club, head over to our Bingo Directory.
Read our Front Page Bingo News here (www.whichbingo.co.uk/bingo-news/).
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