Owner of bookmaker Ladbrokes on alert for £10bn takeover bid as restriction on its US suitor from making fresh offer for gaming giant set to end
By Ben Harrington, Financial Mail on Sunday
Published: | Updated:
The owner of bookmaker Ladbrokes is on alert for a £10billion takeover bid as a restriction on its US suitor from making a fresh offer for the gaming giant ends tomorrow.
In January, Entain – which also owns Coral, Gala Bingo and Sportingbet – rejected an £8billion all-share offer from US-based casino giant MGM Resorts International.
A bad sign: In January, Entain rejected an £8billion all-share offer from US-based casino giant MGM Resorts International
The collapse of the negotiations led to MGM dropping its pursuit. Under Takeover Panel rules it was prevented from returning with a fresh bid for six months.
The restriction on MGM ends tomorrow, leading to heated speculation in the City that the American group is preparing a new takeover offer for the FTSE100-listed firm.
MGM wanted Entain to help it expand in the fast growing US online gaming and sports-betting market.
The two companies have a joint venture together. In January, MGM offered £13.83 a share.
On Friday, the London-listed company’s shares closed at £18.21.
A spokesman for Entain declined to comment.
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