In key news on UK stocks, Entain PLC (GB:ENT) shares gained over 5% today amid the return of takeover chatter from multiple private equity (PE) firms. As per a report from the Times, foreign PE giants, including Apollo Global Management (NYSE:APO) and CVC Capital, still maintain their interest in acquiring Entain’s brands. This speculation has further contributed to an uncertain future for the company’s assets.
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Entain is a gaming and sports betting company that owns games such as Bwin, Ladbrokes, Partypoker, PartyCasino, and others.
Gibson’s Exit Sparks Speculation
The renewed interest comes after the announcement of chairman Barry Gibson’s departure. Gibson previously stopped two takeover attempts. Last week, Entain announced that Gibson would step down by the end of September after more than four years in the role. With Gibson’s departure, Apollo and other potential suitors may be considering another bid for the company, especially when the share price has lost over 35% in the last 12 months.
The company commenced a review under Gibson’s leadership, which is still in its preliminary stages. However, the review may conclude without any brands being earmarked for sale.
Entain’s interim CEO, Stella David, will succeed Gibson upon his retirement. The group is currently in search of a permanent CEO following the departure of Jette Nygaard-Andersen in December 2023.
Is Entain a Good Stock to Buy?
On TipRanks, analysts hold a bullish view about the ENT stock and have rated it as a Moderate Buy. This includes eight Buy, two Hold, and one Sell recommendations. The Entain share price prediction is 1,084.4p, which is 31% higher than the current trading levels.
