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.