Advertisement

MGM Resorts Breaks Off Its Bid to Acquire Entain Sports Betting

MGM Resorts Breaks Off Its Bid to Acquire Entain Sports Betting

As online sports gambling wins rapid popularity and widening legalization across the U.S., casino company MGM Resorts International (NYSE: MGM) announced the end of its attempt to acquire U.K. sports-betting company Entain plc (LSE: ENT). MGM says it will not make another, higher offer, though it will continue to collaborate with Entain on running its joint venture BetMGM sports-betting platform. MGM Resorts' acquisition offer would have paid Entain $11.1 billion in an all-stock transaction with a 0.6 times exchange ratio.