Casino operator MGM Resorts makes $11 billion takeover offer for Entain Plc

On Monday, in a statement Entain Plc said, it has received a $11 billion bid proposal from U.S. casino operator MGM Resorts which significantly undervalued its business.

In this latest transatlantic move which sees consolidation in the sector MGM Resorts’ bid of 1,383 pence per Entain share amounts to a total deal value of $11.08 billion (8.09 billion pounds), and represents a premium of 22% to Entain’s last closing price.

With the U.S. seen as the next big growth market for the sports betting space, has given rise to a series of transatlantic partnerships which taps into European expertise with Caesars Entertainment 2.9 billion pound acquisition  of Britain’s William Hill, which was announced in September 2020, being the latest case in point,

In a statement Entain said, it had received multiple proposals from MGM, with the most recent one being an offer of 0.6 of its shares for each Entain share.

If the deal goes through, the British company’s shareholders would own around 41.5% of MGM.

On its part, MGM has indicated that a limited partial cash alternative would also be made available to Entain shareholders.

($1 = 0.7301 pounds)



Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

Tags: , , , , , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

<span>%d</span> bloggers like this: