MGM Resorts to buy British gaming company Entain (LON: ENT)

 

               

MGM Resorts International is mulling to buy British gaming company Entain plc, the owner of gambling brand Ladbrokes, which has a market value of about $9 billion.

 

  • The new offer, which would have a significant stock component, is believed to be above the £12.85 level.

 

  • An earlier $10 billion all-cash overture was rebuffed by Entain recently.
  • The new bid is backed by MGM's largest shareholder, IAC/InterActiveCorp. Though, there is no guarantee that Entain will agree to the new offer.

 

  • Entain proclaims it to be one among the largest sports betting and gaming groups of the world running in the online and retail sector.

 

  • The company is listed on the London Stock Exchange and is a component of FTSE 100; it has recently renamed itself to Entain from the GVC Holdings.

 

  • The owner of bookmaker Ladbrokes also has other prominent brands like Gala, Foxy Bingo, Eurobet and Coral. It also owns online gaming group Partypoker and sports-betting site Bwin.

 

  • Ladbrokes was acquired by the company in 2018, which helped it become the largest gaming companies.
  • The company, like other business of the sector has been impacted by the Coronavirus pandemic and had to close many of its casinos and later was operating at substantially reduced capacity till the end of the passing year.

 

  • On 4 January 2021, the stocks of the Entain Plc (LON: ENT) traded considerably higher by 27.08% from its previous closing, hovering at around GBX 1,440.50 at 08:23 AM GMT+1.

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