MGM Resorts Make Bid For Entain
Entain the owner of brands such as Ladbrokes, Partypoker, Foxy Bingo and Gala have refused a bid of 22% over the share price from US casino giant MGM Resorts for the business.
According to early reports Entain who is valued at £6.6 billion have released a statement saying the offer “significantly undervalues” the company. However many analyst’s believe MGM will come back with an improved offer.
MGM who have casinos in the US and Macau and already have a deal with Entain that Launched in 2018 through a 50/50 joint venture with MGM Resorts under the BetMGM brand.
But MGM are struggling at present with their land based operations due to the pandemic and have seen their rival Caesars snap up William Hill last year for £2.9 billion want to do the same and increase their presence in the US online gambling market.
According to the rules on acquiring a public listed company MGM have until the 1st February to make an improved formal binding offer or withdraw their interest.
