Entain tops FTSE with 6% jump after MGM's stake sale in MGM Growth
04/08/2021 14:27
** Gambling firm Entain's shares ENT.L up nearly 6%; the
biggest gainer on the FTSE 100 .FTSE ; stock hits record high
of 1,950 pence
** Rival betting firms also jump: Flutter Entertainment
FLTRF.I up 2.9%, 888 888.L up 5.5%
** Two analysts and a trader link moves to MGM Resorts'
MGM.N stake sale in MGM Growth Properties MGP.N for $4.4 bln
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** "Investors have been debating the likelihood of MGM
returning with an improved bid for ENT since its first
unsuccessful bid last January... The market believes its
strengthened balance sheet, following today's news, has
increased the possibility of the same," said Michael Mitchell,
analyst at Davy
** MGM in Jan ditched plans to buy Ladbrokes owner Entain
after the British company rejected an $11 billion takeover
approach for being too low urn:newsml:reuters.com:*:nL4N2JU2W7
** MGM also said on Wednesday it expects to have $11.6 bln
of domestic operations liquidity "to enable execution of its
goals of becoming the premier gaming entertainment company"
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(Reporting by Yadarisa Shabong, Joice Alves and Danilo Masoni)
((yadarisa.shabong@thomsonreuters.com))