MGM have scrapped plans to buy Entain, saying it does not intend to submit a revised proposal for the business that snubbed an £8 billion takeover approach earlier this month.

Entain shares fell 17% to 11.82 pounds, after hitting a session low of 11.37 pounds on Tuesday on the news, paring almost all the gains made since the US company’s approach was made public.

MGM said in a brief statement that “after careful consideration and having reflected on the limited recent engagement between the respective companies regarding MGM’s rejected all stock proposal at an exchange ratio of 0.6x, it does not intend to submit a revised proposal and it will not make a firm offer for Entain”.