Entain jumps 27% after rejecting MGM Resorts offer

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Shares of U.K. gaming company Entain jumped 27% to 1,429 pence after rejecting the proposed 1,383 pence per share bid from MGM Resorts that valued the company at £8.09 billion. Entain, the owner of brands including Ladbrokes, said the proposal significantly undervalues the company and its prospects. Entain also asked for “additional information in respect of the strategic rationale for a combination of the two companies.”

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