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Last Updated: Wednesday, 5 May, 2004, 08:11 GMT 09:11 UK
MGM Mirage abandons Wembley race
Greyhound racing
Wembley owns six greyhound racecourses across England
US casino giant MGM Mirage has pulled out of the race for UK gaming group Wembley, leaving rival bidder BLB Investors as odds-on favourite.

MGM Mirage's 840p per share offer for Wembley was trumped last month by BLB's 860p per share bid, which valued the UK firm at 309m ($553m).

In a statement, MGM said BLB's price was "in excess of the price which MGM Mirage is prepared to offer".

Wembley runs horse and greyhound tracks and slot machines in the UK and US.

The interest in Wembley comes ahead of government moves to deregulate the UK gaming industry, which is expected to lead to rapid growth in betting.

Wembley does not own the English national football stadium, which it sold in 1999.


SEE ALSO:
Takeover race for Wembley hots up
20 Apr 04  |  Business
MGM raises stakes on Wembley bid
08 Apr 04  |  Business
Greyhound tracks in 270m takeover
30 Jan 04  |  Oxfordshire


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