MGM's largest shareholder backs potential offer for Ladbrokes owner

MGM's largest shareholder backs potential offer for Ladbrokes owner

Outbreak of the coronavirus disease (COVID-19) in Manchester
FILE PHOTO: A closed Ladbrokes is seen in Manchester, following the outbreak of the coronavirus disease (COVID-19), Manchester, Britain, June 12, 2020. REUTERS/Jason Cairnduff

REUTERS: Casino operator MGM Resorts International said on Friday (Jan 8) its largest shareholder, InterActiveCorp, supports its US$11 billion takeover approach for Ladbrokes owner Entain.

The US-based company said it considers a proposed merger with the British bookmaker to be "compelling" and believes a deal, amongst other things, would help grow BetMGM, its online sportsbetting operating in the United States.

Entain earlier this week rejected the takeover advance, saying it significantly undervalued the company and asked MGM for more information on the strategic rationale for a merger.

Source: Reuters

Bookmark