(Alliance News) - Entain PLC is considering its options for a number of assets, as the Ladbrokes owner undergoes a strategic probe, The Sunday Times reported.
The newspaper, citing sources, also reported that Entain could name its next chief executive at "any time in the coming days and weeks".
The bookmaker has called on investment bank Moelis to help with a review of its brands. It also owns Coral, Sportingbet and Bwin. The future of "a whole range" of assets are under consideration, The Sunday Times reported, citing sources.
The Sunday Times reported that a number of buyout firms, including the likes of Apollo Global Management Inc and CVC Capital Partners, are watching on with interest. The latter already has a hand in the gambling market, as it owns German bookmaker Tipico.
Entain on Thursday had said that Chair Barry Gibson has chosen to step down from his position by the end of September, having served in the role since February 2020.
Stella David, interim CEO of Entain since December, will replace Gibson as chair following his departure.
The Sunday Times said the departure of Gibson, who had been key in Entain fending off a takeover tilt from US joint-venture partner MGM Resorts International, could leave it "vulnerable" to more M&A interest.
https://www.thetimes.co.uk/article/apollo-mulls-breakup-bid-after-casino-capitalism-at-ladbrokes-owner-entain-mv0gvhvgr
Gibson may step down earlier than September, Entain said on Thursday, depending on the timing and appointment of a new CEO.
Entain said that the search for a permanent CEO, following the departure of Nygaard-Andersen in December, is "ongoing and is progressing well".
Nygaard-Andersen's departure came after the company agreed to pay GBP585 million to HMRC to settle an investigation concerning alleged bribery at its Turkish businesses between 2011 and 2017.
Entain shares fell 2.6% to 776.43 pence each in London on Friday. Shares have fallen 40% over the past 12 months.
By Eric Cunha, Alliance News news editor
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Entain (ENT)