MGM Resorts Ends Entain Takeover Bid

    • Entain rejected an $11 million MGM Resorts takeover bid this month.
    • The two companies are partners in BetMGM.

MGM Resorts has ended its takeover attempt of British gaming company Entain. 

The news follows a string of offers from MGM to acquire its partner in the sports betting joint venture BetMGM.

Entain, formerly GVC Holdings, rejected two offers from MGM, including one for $11 billion earlier this month, saying it undervalued the company.

Entain owns major betting brands like Ladbrokes, bwin, PartyPoker and Coral.

An MGM and Entain merger would have created one of the largest gambling companies in the world with major physical and online presences.

Since news of MGM’s efforts to acquire Entain emerged, Entain acquired Swedish gaming firm Enlabs for $333.5 million. CEO Shay Segev announced plans to leave for a co-CEO position at sports-focused streaming service DAZN as well.

MGM shares finished up 2.45% on Tuesday.