The US casino giant MGM Resorts have walked away from the £8bn takeover of Labrokes which has seen shares tumbles in the gambling firm by almost 20%.
MGM said they would not make a firm offer “after careful consideration and having reflected on the limited recent engagement between the respective companies regarding MGM’s rejected all stock proposal.”
Ladbrokes owner Entain who also own Foxy Bingo and Sportingbet rebuffed the £8.09bn MGM proposal as it “significantly undervalues the company and its prospects.”
There will be a trading update on 21 January by Entain.