Land-based giant MGM Resorts International has confirmed that it has put forward an offer to acquire igaming operator Entain, formerly known as GVC Holdings, but said it could not yet confirm that it will make a firm bid.
As announced by Entain earlier today, MGM Resorts put forward a proposal to acquire the operator 0.6 MGM shares for each Entain share. This would value the Ladbrokes and PartyGaming operator at approximately $11.00bn (£8.11bn/€8.97bn).
Under this deal, Entain shareholders would then own a combined 41.5% of MGM.
A cash option may also be available for Entain shareholders who do not wish to receive share compensation. MGM’s largest shareholder, InterActive Corporation (IAC) has said it may help fund this.