© Reuters. FILE PHOTO: A pedestrian walks past a branch of Ladbrokes in London


(Reuters) – Ladbrokes (LON:) owner Entain said on Monday its Chief Executive Officer Shay Segev was leaving the gambling firm just seven months after taking the role, a surprise move that follows the company’s rejection last week of an $11 billion approach from MGM Resorts (NYSE:) International.

Segev, who would remain in his current role for six months or until a successor is in place, plans to join as co-CEO of DAZN, a privately-owned global sports streaming platform. He, however, added that MGM’s approach had had no bearing on his decision to leave.

The company also said the board remained fully in favour of its rejection of the MGM offer as undervaluing Entain.

“I can confirm that this changes nothing with respect to the Board’s view of the recent proposal from MGM Resorts International to acquire Entain. The Board remains unanimous in our view that the proposal significantly undervalues the Company and its prospects,” Chairman Barry Gibson said.

Segev was a long-term employee who took the reins of the company after the departure of Kenny Alexander last year, who was credited for the company’s development away from high street betting into an online gambling powerhouse.

“We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised,” Gibson said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *