Jan 19, 2021
MGM Resorts ends bid to buy Ladbrokes owner Entain
US casino giant MGM Resorts has abandoned a takeover attempt for Ladbrokes and Coral owner Entain after its earlier proposal was spurned. MGM said it will not raise its $11bn offer of two weeks ago, which Entain had rebuffed as "Significantly" undervaluing the company. Following Entain's rejection, shares in the UK-listed company tumbled. After MGM's announcement on Tuesday it was walking away from a takeover, Entain shares fell another 20%. FTSE 100-listed Entain. Along with Ladbrokes, it also owns online sports betting and gambling sites such as Bwin, Partypoker, Coral, Eurobet, Gala and Foxy Bingo.
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