Entain shares fell by 14% due to loss of investor
2023.02.09 11:51
Entain shares fell by 14% due to loss of investor
By Kristina Sobol
Budrigannews.com – On Thursday, MGM Resorts, which is based in the United States and trades on the (NYSE) stated that it had “moved on” from making an offer to acquire the British gambling company.
MGM Chief Executive William Hornbuckle stated on Wednesday that MGM saw great potential in expanding LeoVegas, a Swedish online gaming company it purchased last year, despite the fact that MGM remains focused on its joint venture with Entain, the online sportsbook BetMGM.
Despite the fact that Entain turned down MGM’s $11 billion takeover offer in 2021, there has been market talk about the casino operator making another attempt to acquire Entain or its North American operations.
Hornbuckle stated, “So, for the time being, the answer is no, not within Entain.”
“As we begin to allocate capital, we’re going to go in our own direction.”
In morning trading, Entain’s shares dropped as much as 13% to a low of 1365.5 pence, more than one month old.
When BetMGM achieves profitability, Entain said earlier this month that it would end its financial support for the company.
