JP Morgan Chase has dropped its stake in Entain to below 3% within two weeks of upping it to 7%.
A Notification of Major Holdings announcement this morning shows that the global banking behemoth has reduced its holdings in the Ladbrokes and Coral owner to below the required minimum threshold which triggers an announcement, which sits at 3%.
The threshold was crossed on Monday 18 May – only 10 days after it was revealed that JP Morgan had increased its control of the company’s overall stock to 7%, consisting of 5.6% in direct voting rights and 1.4% in financial instruments.
This increase followed the closure of Ricky Sandler’s New York-based hedge fund Eminence Capital.
