MGM Resorts Breaks Off Its Bid to Acquire Entain Sports Betting
As online sports gambling wins rapid popularity and widening legalization across the U.S., casino company MGM Resorts International (NYSE: MGM) announced the end of its attempt to acquire U.K. sports-betting company Entain plc (LSE: ENT). MGM says it will not make another, higher offer, though it will continue to collaborate with Entain on running its joint venture BetMGM sports-betting platform. MGM Resorts' acquisition offer would have paid Entain $11.1 billion in an all-stock transaction with a 0.6 times exchange ratio.