Entain share price hits highest point in a month after buyout rumours
Stocks for the operator dwindled below £8 ($10.16) during that period.
Entain yesterday recorded its highest share price in a month, after talks of a buyout of the company broke heading into the week.
At market close yesterday, the sports betting and gambling company was valued at 825.00 GBp (and it has continued steadily since), the highest it has been since 6 March, when the closing price that day was 830.40 GBp, and the first time in that period in which it has risen above 800.00 GBp.
This follows on from speculation in the last few days that several companies, including private equity firm Apollo, were weighing up potential takeover bids for Entain.
According to a report in the Sunday Times, the departure of Entain Chairman Barry Gibson, who notified his intention to retire from his position last week, could lead to the company’s assets being bought.
In recent weeks, Gambling Insider understands Wall Street boutique advisory Moelis was appointed to advise the entire Entain board alongside BoA and Morgan Stanley, as well as the CAC committee, in relation to the possible sale of several of Entain’s overseas brands.
Given these latest developments and the fact the operator is likely to soon hire a new permanent CEO, there may be a possibility that a buyout could happen.
This would not be the first time that there has been talk of a potential acquisition of Entain, a recent example being in January of last year when it was reported that MGM was potentially looking to place a new bid for the company, after its failed offer in 2021.
This week also saw confirmation that Entain’s Group Corporate Affairs Director, Grainne Hurst, will leave the operator to become the Betting & Gaming Council’s new CEO.
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