The UK Takeover Panel has given Stanley Leisure, the UK gaming group, and advisers Cazenove and JP Morgan, three weeks to decide whether to launch a takeover bid.

JP Morgan and Cazenove are joint financial advisers to Stanley Leisure and Cazenove is also sole broker. In early December Stanley Leisure made an indicative offer of 25p a share for London Clubs International, a UK rival. Since then reports have emerged suggesting that Stanley Leisure will increase its indicative offer to 30p a share. The deal could be worth about £250m (€384.4m), according to investor reports.