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Rank shares are on the up

Shares in bingo and gambling group Rank have climbed to a three-year high after it rejected a takeover bid from Guoco, a Hong-Kong-based conglomerate run by Malaysian billionaire Quek Leng Chan.

Guoco has offered 150p per share through a mandatory bid after it increased its stake in the UK group to 41%.

That buy took its holding through the 29.9% level where, under takeover rules, it has to make an offer for all of the outstanding shares in Rank. Its offer values Rank at £586m.