Entain’s CEO Jette Nygaard-Andersen has finally left the table after a three-year stint that saw the company lose 35% of its market value. Under her watch the $5 billion UK-listed sports betting group rejected an offer from MGM Resorts International, and embarked on its debt-funded M&A spree, drawing the ire of activist investors like Eminence Capital’s Ricky Sandler.
Despite Nygaard-Andersen’s patchy record, her departure could now leave the group vulnerable to a takeover. Including debt, it is worth just 8 times forward EBITDA, compared to rival Flutter Entertainment’s 14 times, using LSEG data. Back in January 2021, Entain turned down MGM’s offer of some 8 billion pounds [$10 billion] for the group, 60% above its current price.
