The Lemon Fool

9 December 2020

Special Resolution to change name to Entain plc approved.

https://www.londonstockexchange.com/news-article/GVC/extraordinary-general-meeting-egm-results/14786611

4 January 2021

Statement in response to press speculation

The Board of Entain plc ("Entain" or the "Company") notes the recent press speculation. The Board of Entain confirms that it has received proposals from MGM Resorts International ("MGMRI"), its partner in the US market, concerning a possible offer for Entain.

Under the terms of its most recent proposal, MGMRI would offer 0.6 MGMRI shares for each Entain share. Based on closing prices on 31 December 2020, being the last trading day prior to this announcement, MGMRI's proposal represents a value of 1,383 pence per Entain share and a premium of 22% to Entain's share price. Under the terms of the proposal, Entain shareholders would own approximately 41.5% of the enlarged MGMRI. MGMRI has indicated that a limited partial cash alternative would also be made available to Entain shareholders.

Entain has informed MGMRI that it believes that the proposal significantly undervalues the Company and its prospects. The Board has also asked MGMRI to provide additional information in respect of the strategic rationale for a combination of the two companies.

A further announcement will be made as appropriate. In the meantime, Entain shareholders are encouraged to take no action. etc.

https://www.londonstockexchange.com/news-article/ENT/statement-in-response-to-press-speculation/14811669

Happy New Year.

Heartening news for me.

Our Entain shares are the leftovers from Ladbrokes, that became Ladbrokes Coral group, that became GVC that are now Entain. Glad we didn't sell in between, pure luck.

Paultry wrote:Heartening news for me.

Our Entain shares are the leftovers from Ladbrokes, that became Ladbrokes Coral group, that became GVC that are now Entain. Glad we didn't sell in between, pure luck.

Well done Paultry it's nice when that happens, I have it on my watch list so no monetary gain but does gives me extra confidence for having put it on my list.

Some on social media seem to think another bid might come in at some point so watch this share going forward.

Response to MGM Resorts no intention to bid
ENTAIN PLC
Released 13:42:42 19 January 2021

https://www.londonstockexchange.com/news-article/ENT/response-to-mgm-resorts-no-intention-to-bid/14832642

Also see:

https://www.londonstockexchange.com/news-article/0JWC/statement-re-possible-offer/14832623

Is this an Arnold Schwarzenegger Moment?

Because if they don't "be back" in the fairly near future (stock exchange rules notwithstanding), I'm pretty sure someone else will; the global consolidation in the industry doesn't seem like it's over yet.

On the other hand, to some extent I share Entain's confidence in the medium term as a stand alone operation, should that happen, particularly as the joint venture with MGM Resorts International doesn't not appear to be under threat. As a long term investor, I was concerned about MGM's intentions, which I suspect would have involved the break-up of Entain, which would probably have been fairly disastrous so soon after the various mergers. Not to mention I wasn't keen to be an NYSE investor; but that's just me.

I don't think the horizontally-challenged soprano has vocalised yet.