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Online PokerJanuary 12, 2021·1 min read
Entain Rejects $11 Billion Offer from MGM, Shares Soar
Entain plc, the parent company of partypoker, rejected a $11.06 billion buyout offer from MGM Resorts International. The offer would have given MGM control of the BetMGM business.
Entain's share prices rose almost 30% following the rejection of the offer. The bid for control of the FTSE100-listed company saw MGM offer 0.6 of their shares for each Entain share, which would leave Entain with just over 40% share equity after the proposed merger.
Entain questioned MGM’s approach, asking them to provide additional information in respect of the strategic rationale for a combination of the two companies. Entain CEO Shay Segev stated that Entain is firmly on track to be the leading operator in the US. BetMGM doubled its population to 75 million across 12 states, with another eight states expected to be added in 2021.
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