A date has been etched in the diaries of Entain’s board for the past six months: July 19, when the American casino giant MGM will be able to return with an offer for the FTSE 100 gambling operator.
Entain, formerly GVC, will update investors this week on results for the second quarter. However, it is the prospect of a new tilt from MGM, owner of resorts such as Bellagio in Las Vegas, that has the market’s attention. Despite rejecting an offer from MGM six months ago, shareholders are still looking wistfully across the Atlantic.
In January, MGM walked away from its £8.1 billion bid, but hinted a month later that it was still keen — with chief executive Bill Hornbuckle teasing analysts: “Time will tell,