Entain Share Price Peaks Following Takeover Rumors
Sport betting and online gambling firm Entain has achieved its highest share price in a month, following news of a potential buyout of the company, which emerged at the beginning of the week.
LISTEN TO THIS ARTICLE:On Monday’s market close, Entain’s share was valued at £825, the highest it has reached since March 6, when it closed at 830.40 GBP. It was also the first time during this period that the company will surpass the 800.00 GBP mark.
In the past couple of days, there have been speculations suggesting that various companies, including private equity Apollo, were considering potential acquisition bids for Entain.
The recent announcement of Entain Chairman Barry Gibson's retirement from his position also fueled the rumors that the company’s assets are on the verge of being bought.
Additionally, industry sources confirmed that Entain had enlisted the services of Wall Street boutique advisory Moelis to guide its board, alongside BoA and Morgan Stanley, as well as the CAC committee, on the potential sale of various overseas brands owned by the company.
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Hurst to Exit Entain
It has also been confirmed this week that Entain's Group Corporate Affairs Director, Grainne Hurst, will exit the company to assume the role of CEO at the Betting & Gaming Council.
Hurst, an industry veteran, will be replacing Michael Dugher, who is set to succeed Brigid Simmons as the organization’s Chair when she resigns in the coming days.
While various developments indicate a potential takeover of Entain, this is not the first time the betting company will be involved in such acquisition talks. For instance, last year, in January, it was reported that MGM was considering making a new bid for the company following its unsuccessful offer in 2021.
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