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Ladbrokes owner Entain rejects MGM?s $8bn offer

By BFN News | 02:41 PM | Tuesday 19 January, 2021


US casino operator MGM Resorts said it will not pursue a bid for Ladbrokes owner Entain after its initial offer of $8 billion was rejected. MGM said in a statement: ?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. ?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.? Entain responded: ?Entain has a clear growth and sustainability strategy, backed by leading technology, that it is confident will deliver significant value for stakeholders. We look forward to continuing to work closely with MGMRI to drive further success in the US through the BetMGM joint venture.? Story provided by StockMarketWire.com

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