MGM’s hopes of deal for Ladbrokes-owner Entain a step closer after Shay Segev quits UK gambling firm
MGM’s hopes of securing a deal for Ladbrokes-owner Entain moved a step closer after Shay Segev quit as boss of the UK gambling firm.
Segev, who took the reins last summer, intends to become co-chief executive of the privately owned sports streaming platform DAZN.
Left hanging: Chairman Barry Gibson said the highly regarded Shay Segev was leaving because Entain could not afford him
Chairman Barry Gibson said the highly regarded Segev was leaving because Entain could not afford him.
It comes amid a potential takeover from US giant MGM and Segev’s decision has left Entain vulnerable. Last week Entain rejected a £8billion bid, arguing that the bid undervalued the British company.
But since then the US casino operator’s largest shareholder, TV mogul Barry Diller, has vowed to up the offer.
Diller, who launched the Fox television network for Rupert Murdoch, said over the weekend: ‘Anyone who questions the strategic rationale for merging these companies is not thinking clearly.’