Entain Chairman Rejects MGM Return

According to the Chairman of Entain the online gambling operator MGM Resorts made two increased offers behind closed doors before eventually deciding to pull out of negotiations to acquire the owner of brands such as Ladbrokes, Bwin and Coral.

In an article in the Sunday newspaper The Telegraph Barry Gibson the Chairman of Entain said that he rejects claims the online firm will eventually succumb to an offer from the US Casino giant.

Entain have an exclusive agreement with MGM to work with their joint venture BetMGM and many analysts see this as a stumbling block for any other company to approach Entain, however Gibson says that is not the fact and MGM does not have any blocking rights should a separate offer materialise from elsewhere.

Gibson was quoted by the newspaper as saying:  “We’re not disappointed. We can deliver a lot more value for our shareholders over the next one to three years.”

Those words seem to align with the Entain Boards view that in the next couple of years the value of the business will be far greater and in a better position to attract other suitors apart from MGM putting it in a stronger position altogether.

Now the MGM have officially withdrawn the offer the US casino operator is not allowed to make another approach for 6 months, where both parties will be in that time given the current global pandemic is another question altogether.