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US casino giant MGM Resorts has abandoned a takeover attempt for Ladbrokes and Coral owner Entain after its earlier proposal was spurned. MGM said it will not raise its $11bn (£8.1bn) offer of two weeks ago, which Entain had rebuffed as “significantly” undervaluing the company.

Following Entain’s rejection, shares in the UK-listed company tumbled. After MGM’s announcement on Tuesday it was walking away from a takeover, Entain shares fell another 20%. FTSE 100-listed Entain. which renamed itself from GVC Holdings last month, describes itself as “one of the world’s largest sports betting and gaming groups operating in the online and retail sector”.

Along with Ladbrokes, it also owns online sports betting and gambling sites such as Bwin, Partypoker, Coral, Eurobet, Gala and Foxy Bingo. The failed bid was the latest attempt by a casino operator to move into the online gambling business. MGM Resorts, which runs the Bellagio casino in Las Vegas, was seeking to emulate rival Caesars Entertainment, which agreed to buy UK-based William Hill for $3.7bn (£2.9bn) in September last year.

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