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The parent company of Ladbrokes and Coral has confirmed it has received a takeover proposal from US casino giant MGM Resorts International.
However Entain, until recently known as GVC Holdings, said the £8.1 billion offer from its partner in the US market undervalued the company.
Entain's share price soared on Monday morning following the news, rising by more than 26 per cent to 1,434p.
The announcement followed a report in the Wall Street Journal that MGM had upped its offer having recently had a $10bn (£7.3bn) bid turned down by Entain.
Under the terms of its most recent proposal, MGM would offer 0.6 shares for each Entain share representing a value of 1,383p per Entain share. Entain shares closed at 1,133.5p on Thursday.
