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Entain shares are breaking above the FTSE 100 after rising 28% and hitting an all-time high of 1,455p this morning.
It comes after owner of Ladbrokes and Coral betting brands said on Monday that an £ 8bn takeover offer from its US joint venture partner MGM Resorts International significantly underestimated the business, Jasper Jolly writes.
Entain said the offer from MGM, the owner of the Bellagio casino in Las Vegas, underestimated the British group and questioned the justification for a merger, in a statement to the stock market Monday morning.
The offer was worth 1,383 pence per Entain share, a 22% premium to the 1,133.5 pence price on New Year’s Eve, the last trading day before the offer was first reported. .
It values the UK company at around £ 8.1bn. MGM was also willing to make a partial cash offer, Entain said. Entain shareholders would own 41.5% of the expanded group.
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European stocks jump on first trading day of 2021
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Introduction: The Beginning of the Oxford / AstraZeneca jab distribution elevator markets
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