Entain stocks soar as fourth New York activist fund takes 4.4% stake

Finance News

Corvex Management LP today announced that funds affiliated with Corvex recently acquired approximately 28 million shares of Entain PLC representing approximately 4.4% of the total shares outstanding.

Corvex issued the following statement regarding its investment:

“We believe Entain is at a critical juncture and can benefit from the constructive engagement of a well-informed shareholder with substantial industry and company-specific experience and expertise.

While the Company’s recent management change was a necessary first step, further change is required. Simply put, Entain’s recent performance has been unacceptable and all options must be considered to drive value.

We intend to immediately engage with Chairman Barry Gibson and Interim CEO Stella David to be a helpful force for change.”