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Jan. 19, 2021, 8:21 a.m. EST

Entain shares nosedive as MGM says it won't go forward with offer

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By Steve Goldstein

MGM Resorts International /zigman2/quotes/209932643/composite MGM +0.63% said it doesn't plan to submit a revised proposal to buy Entain /zigman2/quotes/207493593/delayed UK:ENT +0.31% , the U.K. sports betting and gambling company. Entain shares dropped 15% in London action. "MGM today announces that, after careful consideration and having reflected on the limited recent engagement between the respective companies regarding MGM's rejected all stock proposal at an exchange ratio of 0.6x, it does not intend to submit a revised proposal and it will not make a firm offer for Entain. MGM is committed to being a premier global omni-channel gaming and entertainment company, and will maintain a disciplined framework while evaluating a range of compelling strategic opportunities," said MGM.

/zigman2/quotes/209932643/composite
US : U.S.: NYSE
$ 38.54
+0.24 +0.63%
Volume: 9.43M
March 2, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.03%
Market Cap
$18.95 billion
Rev. per Employee
$122,907
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/zigman2/quotes/207493593/delayed
UK : U.K.: London
£ 1,450.00
+4.50 +0.31%
Volume: 2.77M
March 2, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£8.46 billion
Rev. per Employee
£146,279
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