US casino giant MGM Resorts has made an $11bn (£8.1bn) offer for B Entain. 

The all-share offer values the FTSE 100 company at approximately £13.83 per share or £8.1 billion, representing a 22% premium to the last closing price, and would result in Entain shareholders owning 41.5% of the enlarged group.

The board of Entain rejected the offer on the grounds that it ‘significantly undervalues the company and its prospects’ and lacks a clear rationale.

A further announcement will be made as appropriate. In the meantime, Entain shareholders are encouraged to take no action.