Jan 4, 2021
Ladbrokes owner Entain rejects MGM takeover bid
MGM Resorts, the US casino company, has made a bid to buy the owner of British bookmaker Ladbrokes with the financial support of US billionaire mogul Barry Diller's IAC group, said people briefed about the matter. IAC, which invested $1bn in MGM earlier this year to boost the casino operator's online business, is supportive of the bid for Entain and is willing to inject an extra $1bn to finance the takeover of the London-listed group, said those briefed about the matter. Over the years, IAC has acquired and later spun off a series of well-known online companies, including travel portal Expedia and more recently Match Group, the owner of dating apps Tinder and okCupid. MGM and Entain signed a $200m joint venture soon after the Supreme Court decision in 2018 to pursue the sports betting opportunity in the US. In July last year, the two companies, which have a 50/50 partnership in the platform, called Roar Digital, increased their investment to $450m. The Wall Street Journal first reported MGM's bid for Entain.
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