MGM Resorts International is seeking to buy British gaming company Entain, in the latest move by a casino operator to double down on the red-hot online-gambling business.
Entain, which owns the British gambling brand Ladbrokes, said Monday that it has received an £8.09 billion takeover proposal, equivalent to $11.06 billion, but said that the offer significantly undervalues the company. MGM’s bid has the financial backing from its largest shareholder, IAC/InterActiveCorp, IAC according to people familiar with the matter, and comes after an earlier roughly $10 billion all-cash overture for Ladbrokes was rebuffed.
The Wall Street Journal first reported on MGM’s takeover approaches on Sunday before Entain disclosed details in a regulatory filing.
