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Entain PLC shares took a hit on Thursday, as former suitor MGM Resorts International confirmed it was no longer considering a takeover for the gambling operator.
Entain shares were down 10% to 1,408.50 pence each in London on Thursday morning.
In an earnings call on Wednesday, US casino operator MGM Resorts International squashed any speculation of a potential takeover.
‘The simple answer on Entain is no; we’ve moved on,’ said MGM Chief Executive Bill Hornbuckle, later adding: ‘We value the relationship with Entain. We value BetMGM.’
BetMGM refers to the firms’ North American sports betting and gaming entertainment joint-venture, which was started in 2018.
Labrokes-owner Entain had rebuffed a takeover proposal from MGM back in January 2021, with MGM ultimately deciding against making a firm offer.
In September 2021, Entain received takeover interest from the US yet again, with New York-listed Draftkings Inc making a cash and shares offer for the bookmaker.
In October of that year, Draftkings decided against making a firm offer.
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