Deals
MGM Says It Won’t Make Offer for Entain After Bid Rejected
- U.S casino operator walks away from approach for British firm
- Companies will continue to operate BetMGM U.S. joint venture
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U.S. casino operator MGM Resorts International said it decided not to make a firm offer for Entain Plc after the U.K. gambling company dismissed its $11 billion takeover attempt. Entain shares slumped as much as 20% in London.
A merger would have given MGM full control of BetMGM, the two companies’ U.S. joint venture and a beachhead in a market seeing rapid growth. Under the proposed terms, Entain investors would have exchanged stock for 0.6 of a share of MGM and would have held about 42% of the combined business.