After generating news for weeks, MGM Resorts International has decided to withdraw the Entain acquisition proposal.
The Ladbrokes and Coral operator Entain, had expressed its dissatisfaction at the offer and had called it undervalued.
Now, MGM, instead of revising the proposal, has decided to retract the offer. The MGM had valued Entain at $11bn and had offered 0.6 shares for each Entain share.
The deadline to submit final proposal had been set at February 1, 2021, but MGMRI has already withdrawn its offer much before the deadline.
As per Gambling Insider, MGM Resorts CEO Bill Hornbuckle said: “BetMGM, our US sports betting and online gaming venture with Entain, remains a key priority for the company as we continue to leverage our preeminent physical gaming, entertainment, and hospitality platform to expand digitally.”
He added: “We believe BetMGM has established itself as a top three leader in its markets and we remain committed to working with Entain to ensure its strong momentum continues as it expects to be operational in 20 states by the end of 2021.”