Takeover offer dropped

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Monday, Jan. 13, 2003 | 9:47 a.m.

LONDON -- Stanley Leisure Plc, the U.K.'s largest casino owner, said it won't proceed with an offer for rival London Clubs International Plc., co-developer of the bankrupt Aladdin resort on the Las Vegas Strip.

Stanley Leisure withdrew after it was unable to agree on terms with the relevant parties, it said in a Regulatory News Service statement.

The U.K. Takeover Panel had given Stanley Leisure until Jan. 22 to confirm or drop its 37 million-pound ($59.5 million) bid.

London Clubs in December rejected the approach because the offer was "subject to a long and unacceptable list of preconditions" that included a stipulation its banks and other debt financiers agree to debt redemption at face value.