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Powerscourt represents UK-based Entain plc, the online sports betting giant, as it dismisses an $11B takeover bid by MGM Resorts International as an offer that “significantly undervalues” the company and its growth prospects.
Entain, which owns sports and gaming brands such as Ladbrokes, Eurobet, Neds, Foxy Bingo, PartyCasino and Casino Club, wants MGM to supply more information “in respect of the strategic rationale for the combination of the two companies.”
The Wall Street Journal said the merger would “create one of the few gaming companies in the world with a significant online and bricks and mortar presence.”
MGM owns Las Vegas casinos such as NewYorkNewYork, Bellagio, MGMGrand, Mandalay Bay and Excalibur, which have been hit hard by the COVID-19 pandemic. It generates little revenue from online betting.
Barry Diller’s IAC/InterActiveCorp is MGM’s largest shareholder with a 12 percent stake.
Powerscourt has Rory Godson and Rob Greening on the Entain account.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
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