MGM - MGM Resorts explains rationale for Entain bid

MGM Resorts ([[MGM]] -4.5%) confirms that it has proposed an offer of 0.6 MGM shares for each Entain (GMVHF) share.Under the terms of the proposal, Entain shareholders would own approximately 41.5% of the combined company.The company has also indicated that a partial cash alternative could also be made available to Entain shareholders. In addition, IAC, the company's largest shareholder, has indicated it would potentially fund a portion of the partial cash alternative through a further investment in MGM. MGM says it believes both its proposal and the strategic rationale for the combination are compelling and looks forward to engaging with Entain. In particular, MGM thinks that a combination with Entain would deliver full control of the BetMGM business and position the company as a global gaming company across both online and retail with a leading end-to-end technology stack.Shares of Entain are up 26% in London trading.Union Gaming is positive on the upside of a

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MGM Resorts explains rationale for Entain bid