Gala Bingo IPO Deadline
Could GalaBingo still be planning to float? Over two years ago Gala Bingo put out a timetable for a potential £5.5bn float of Europe's biggest bingo group which suggested this is the time they would look to do it. With the smoking ban and VAT issues of the last year could this be the time they bring this massive Bingo company to the market?
In 2005 Gala's Chief Executive said it was "inevitable" that Gala, owned by Permira, Cinven and Candover, the buy-out groups, would "come to the public markets... We are massively cash-generative and have a growth profile that makes us attractive," he said. "We have had lots of public funds ask to see us...there's clearly an appetite."
At the time the plan was to see the business grow so they could achieve a bumper valuation but with this recent set of results the time may be now for Gala to maximise its value by going to the markets.
GalaBingo has been the subject of four private equity buy-outs. In 2005 Gala claimed their preferred exit route was a massive IPO.
The Gala Bingo Chief Executive said in 2005 "My personal view is that we should sit tight until autumn 2007. We bought Coral in 2005 so by 2007 we will be two years in. To me that would be the optimum time for management and investors."
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