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Gloucestershire Business News

US offer for Ladbrokes 'undervalues company'

The owner of Ladbrokes has said an £8.1billion offer from US casino giant MGM Resorts is not enough.

MGM made the offer for British firm Entain, which runs online sports betting and gambling sites as well as its chain of betting shop.

Entain - previously GVC Holdings - is believed to have rebuffed an earlier £7.3billion approach and said the latest bid "significantly undervalues the company and its prospects".

The offer follows Caesars Entertainment's £2.9billion deal for William Hill on the heels of the lifting of a ban on sports betting in the US.

MGM Resorts operates the Bellagio casino in Las Vegas and laid off 18,000 US employees in August.

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