It was announced by Entain (previously GVC Holdings) that MGM has proposed to acquire the company.
Confirming the news, MGM Resorts International stated that it still stands by its offer to acquire Entain. However, it also stated that there is still uncertainity as to whether a firm bid will be made for the operator.
Entain, the operator of Ladbrokes and Coral had announced that MGM has offered 0.6 MGM shares for each Entain share.
As per Gambling Insider, the said proposal represents a value of 1,383p ($18.91) per Entain share which places the value of the operator at approximately $11billion.
However, Entain believes that the offer undervalues the company’s prospects.
MGM while confirming the offer valuation stated that, Entain shareholders would own 42% of the combined company.
The MGMRI believes that the business deal would allow both the companies to gain better access and control of the US betting markets and establish them as global brands of gaming company.