LONDON, Dec 9 (Reuters) - Property developers the Richardson family have amassed a 9.3 percent stake in casino and Mecca bingo firm Rank Group, only days after Malaysia's Genting took a stake, the Sunday Times reported.
Lee Richardson, a director of Richardsons Capital, a family business, confirmed the stake building to the newspaper.
"The assets of the company are undervalued. Rank has 45 casino licences - those licences are no longer being dished out like candy so they are a valuable commodity. The share price has taken a real hammering and we believe we are getting in at value," he told the paper.
Shares in Rank closed at 105-1/4 pence on Friday, valuing the business at just over 411 million pounds ($833 million).
Last Monday, Malaysian gaming giant Genting confirmed it had taken a 9.4 percent stake in Rank. Genting bought into the British casino market in 2006 when it acquired its biggest player, Stanley Leisure.
Richardson and Rank could not immediately be reached for comment.
(Reporting by David Jones; Editing by Paul Bolding)
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