MGM Resorts International offers to acquire Entain

Imagesource:SimpleViews
Imagesource:SimpleViews

Entain, previously known as GVC Holdings seems to be the next acquisition target for the casino operator MGM Resorts International.

MGM Resorts has expressed its intent to acquire Entain and intends to boost its online gambling service.

The value of the acquisition offer has not been officially disclosed yet, however, it’s likely to be £12.85 ($17.56) a share, as per report by The Wall Street Journal.

MGM has previously partnered with Entain for its technology and provided its licenses and brands for operation of the new business combination called BetMGM. The brand BetMGM is operational across 10 states of the United States in sports betting sector.

However, Entain did not seem pleased with the current offer and the company released a statement, “Entain has informed MGMRI that it believes that the proposal significantly undervalues the Company and its prospects. The Board has also asked MGMRI to provide additional information in respect of the strategic rationale for a combination of the two companies”, reported Gambling Insider.