Jan 4, 2021

City Bulletin: MGM makes £8bn offer for owner of Ladbrokes

The Ladbrokes owner confirmed it had received an £8bn takeover proposal from its US joint venture partner MGM Resorts but said the "Offer significantly undervalues the company and its prospects". Casino operator MGM said it would offer 0.6 shares for each Entain share under the terms of its most recent proposal, having reportedly had an approach rebuffed late last year. Shareholders of Entain, owner of the bookmaker Ladbrokes Coral, would own approximately 41.5 per cent of the enlarged group, with a limited partial cash alternative would also be made available to Entain shareholders, said MGM. The Takeover Panel set a deadline of February 1 for MGM to announce a firm intention to make an offer for Entain or walk away. The UK aero-engine maker will also postpone finding an industrial partner for the next-generation propulsion system until a new aircraft programme is launched, which is likely to be several years away, he told the FT. Defence technology group QinetiQ said it has won a £127m contract from the UK Ministry of Defence to provide engineering services for the Typhoon combat aircraft. Bitcoin climbed above $34,000 for the first time on Sunday, extending a record-breaking rally in the volatile cryptocurrency that delivered a more than 300 per cent gain last year.

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