Facebook
Shareholders for prominent iGaming and sportsbook operator Entain have reportedly rebuffed a takeover offer from American casino behemoth MGM Resorts International rumored to be worth in the region of $11.1 billion.
According to a report from the Bloomberg news service, the investors snubbed the all-share deal even though it represented a 22% premium when compared with Entain’s current market value and would have seen them hold approximately 42% of the newly-combined entity’s issued stock.
Second shot:
The news service reported that MGM Resorts International had proposed awarding Entain backers with 0.6 of its own shares for every stake they held in the London-listed firm, which is responsible for a slew of iGaming brands including Bwin, Gamebookers and SportingBet. The proposal from the Las Vegas-headquartered casino operator purportedly moreover topped an all-cash proposal it made late last year as it looks to secure increased access to the emerging land-based and online sportsbetting market in the United States.
Current cooperation:
Bloomberg reported that Entain, which was previously known as GVC Holdings until undergoing a November name-change, has partnered with MGM Resorts International since 2018 via the pairs’ Roar Digital enterprise. This subordinate purportedly runs the BetMGM sportsbetting service but has experienced a slow start to life owing to continual disagreements over strategy.
Vexed valuation:
James Wheatcroft from financial services firm Jefferies reportedly told the news service that the most recent takeover proposition from MGM Resorts International had undervalued Entain by around 7% when comparing the target’s business with that of American counterpart DraftKings Incorporated. He purportedly furthermore detailed that the proposal came three months after rival casino operator Caesars Entertainment Incorporated inked a $3.7 billion deal to buy British sportsbetting giant William Hill and a only a few weeks following the $4.2 billion arrangement that saw Flutter Entertainment acquire a further 37.2% stake in FanDuel Group, which now owns iGaming colossus The Stars Group Incorporated.
Wheatcroft reportedly told Bloomberg…
“We think that the market has not yet recognized the upside potential and momentum in Entain’s joint venture.”
Play games casino online games refers to participating in casino-style games through an online platform. In essence, it combines the excitement of traditional casino games, like slots, blackjack, poker, and roulette, with the convenience of playing them online.
When you play games casino online, you can enjoy:
-
Variety of Games: Many online casinos offer a huge range of games, from popular slots to live dealer games, replicating the casino experience at home or on mobile.
-
Accessibility: Online casinos allow you to play anytime and anywhere, making it easy to enjoy your favorite games without traveling to a physical location.
-
Bonuses and Promotions: Online casinos often offer promotions, welcome bonuses, and rewards, enhancing your experience and providing extra funds to play with.
-
Real Money or Free Play: Most platforms offer options to play for real money or for fun, giving players the flexibility to test games before committing financially.
Online casino games bring the thrills and potential rewards of a real casino experience to your screen, with the added security, convenience, and bonuses that online platforms provide.
