More than a week has passed since former Entain CEO Jette Nygaard-Andersen tendered her resignation amid the fallout of a Turkey bribery scandal.
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The departure triggered wholesale board changes at one of the largest online gaming operators in Europe. It also led an activist hedge fund to snap up approximately 28 million shares in Entain, joining a group of institutional investors that have called for widespread change at the company. Entain owns a 50% stake in BetMGM, a U.S. joint venture with MGM Resorts.
When Corvex Management LP made the purchase last week, the fund acquired approximately 4.4% of the total shares outstanding in Entain. Entain shares jumped in value this week after the company received an upgrade from Jeffries.
