MGM decides not to push for merger with gambling firm Entain
A merger would have given MGM full control of its US joint venture with Entain at a time when the industry is seeing dramatic growth
US casino operator MGM Resorts International said it decided not to make a firm offer for Entain after the UK gambling company dismissed its takeover attempt for about $11bn. Entain shares slumped as much as 20% in London.
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. In a statement Tuesday, MGM said that “after careful consideration and having reflected on the limited recent engagement between the respective companies regarding MGM’s rejected all stock proposal,” it did not plan to submit a new offer...
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