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Ladbrokes owner shares hit record high

August 05, 2021 00:00:00


Shares of Entain, which rejected a takeover offer from MGM Resorts this year, jumped to a record high on Wednesday after a $4.4 billion asset sale by the U.S. casino group prompted bets of a renewed bid for the British bookmaker, reports Reuters.

Entain, which owns the Ladbrokes and Coral brands, knocked back a $11 billion offer from MGM in January as too low.

But some investors expect that MGM’s sale of its stake in MGM Growth Properties will give it fresh cash that could spur MGM to make another bid for Entain, analysts said.

“Investors have been debating the likelihood of MGM returning with an improved bid for ENT since its first unsuccessful bid,” Davy analyst Michael Mitchell said via email.


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