Entain shares rally after MGM takeover offer
Entain's share price soared on Monday, rising by more than 25%
Stocks impacted: MGM Resorts International (MGM), GVC Holdings (ENT)
Entain Plc said on Monday an $11-billion bid proposal from U.S. casino operator MGM Resorts significantly undervalued its business and questioned the rationale for a merger. The offer equated to a value of 1,383p per Entain share, a 22% premium to the 1,133.5p price on New Year’s Eve. The announcement followed a report that MGM had upped its offer having recently had a $10-billion bid turned down by Entain. As a reminder, Entain and MGM launched a joint venture called BetMGM in 2018 to exploit the burgeoning market in the United States. Following the news, Entain's share price soared on Monday, rising by more than 25% when the market opened.
Make profit on it right now!