MGM is pushing its luck with a low Ladbrokes bid – but it might still win the hand

Even as the world falls out of love with the UK stock market, the US firm will have to sweeten the pill to get its hands on Entain, writes James Moore

The Vegas giant has proposed an £8bn takeover of the UK company (PA)

There’s nothing like a good takeover battle to blow away any lingering festive hangovers in the City and casino operator MGM Resorts has served up a cracker.

The Vegas giant, which owns the MGM Grand and the Bellagio among others, has proposed an £8.1bn all share merger with Ladbrokes owner Entain. The pair have a joint venture in the US, where individual states have been falling over each other to legalise sports betting because it’s a money-spinning winner for their threadbare exchequers.

MGM’s approach – the second such sally – was confirmed in a statement to the stock exchange following media reports over the weekend and immediately drew comparisons with Caesars Entertainment’s gobbling up of its partner William Hill. If you can’t beat ’em, eat ’em.