MGM to Get $1 Billion in Support From IAC for Entain Bid Attempt
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MGM Resorts International’s biggest shareholder, Barry Diller’s IAC/InterActiveCorp, vowed to help the company in its takeover attempt of betting-house operator Entain Plc, pledging as much as $1 billion toward the effort.
The casino giant received a nonbinding letter of intent from IAC saying it could help fund a cash portion of a bid for Entain through an investment in MGM. The suitor has made an $11 billion, all-stock offer for Entain, but has been considering changing the proposal to include some cash.