Stanley Leisure has become the latest UK casino operator to recommend a takeover bid by a global company.

The 860-pence-per-share offer from Malaysian gaming firm Genting Casino values Stanley Leisure - the largest casino operator in the UK with 45 venues - at about £639m ($1.2bn).

Genting already owned about 20% of Stanley Leisure's shares and has now bought a further stake of nearly 11% from the UK firm's founder and chairman Lord Steinberg.

The Malaysian firm now has an interest in or commitments over approximately 30.5% of Stanley's share capital.

UK gambling companies have become increasingly attractive to foreign rivals following a shake-up of the laws governing the UK industry.

Last month, London Clubs International was bought by US gaming giant Hurrah's Entertainment for £280m.

Stanley Leisure had been in merger talks with London Clubs before Harrah's swooped.

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By Daniel Thomas

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