London — Online gambling company Entain  has dismissed a £8.1bn bid from MGM Resorts International, in what would be the largest in a recent wave of trans-Atlantic betting mergers.

London-based Entain said the offer, which would give the Las Vegas casino operator broader access to fast-growing online betting markets, undervalues the company. Under the proposed terms, Entain investors would receive 0.6 of a share of MGM for every share they hold, according to a statement on Monday. MGM may also offer a “limited partial cash alternative” to the British company’s shareholders, who would own about 42% of the combined business...

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