Owner of bookmaker Ladbrokes on alert for £10bn takeover bid as restriction on its US suitor from making fresh offer for gaming giant set to end

in Finance

The owner of bookmaker Ladbrokes is on alert for a £10billion takeover bid as a restriction on its US suitor from making a fresh offer for the gaming giant ends tomorrow. 

In January, Entain – which also owns Coral, Gala Bingo and Sportingbet – rejected an £8billion all-share offer from US-based casino giant MGM Resorts International. 

The collapse of the negotiations led to MGM dropping its pursuit. Under Takeover Panel rules it was prevented from returning with a fresh bid for six months. 

The restriction on MGM ends tomorrow, leading to heated speculation in the City that the American group is preparing a new takeover offer for the FTSE100-listed firm. 

MGM wanted Entain to help it expand in the fast growing US online gaming and sports-betting market. 

The two companies have a joint venture together. In January, MGM offered £13.83 a share. 

On Friday, the London-listed company's shares closed at £18.21. 

A spokesman for Entain declined to comment.    

https://www.thisismoney.co.uk/money/markets/article-9798555/Ladbrokes-owner-Entain-braced-new-takeover-bid.html