MGM Resorts Walk Away From Entain Deal
MGM Resorts has announced that its interest in acquiring Entain the owner of brands such as Ladbrokes and Coral has decided not to place any further offers on the table prior to the 1st February deadline and as such will not make a firm and binding offer for the online gambling company.
The casino giant made a full announcement regarding their initial offer and their stance going forward with Entain as a partner with BetMGM, see the full announcement below:
MGM Resorts International announced today that, after careful consideration and having reflected on the limited recent engagement between the respective companies regarding MGM’s rejected all stock proposal at an exchange ratio of 0.6x, it does not intend to submit a revised proposal and it will not make a firm offer for Entain plc.
MGM is committed to being a premier global omni-channel gaming and entertainment company, and will maintain a disciplined framework while evaluating a range of compelling strategic opportunities.
“BetMGM, our U.S. sports betting and online gaming venture with Entain, remains a key priority for the Company as we continue to leverage our preeminent physical gaming, entertainment, and hospitality platform to expand digitally,” said Bill Hornbuckle, CEO of MGM Resorts International. “We believe that BetMGM has established itself as a top three leader in its markets and we remain committed to working with Entain to ensure its strong momentum continues as it expects to be operational in 20 states by the end of 2021.”
