Entain CEO quits with MGM lurking

Entain's chief executive has quit the owner of Ladbrokes with the company a takeover target for MGM Resorts International.

Shay Segev has handed in his notice to join DAZN, a privately owned sports streaming platform, as co-CEO. Segev has a notice period of six months and will stay in place for that time or until Entain finds a replacement, the company said.

Chairman Barry Gibson said Segev's resignation would not affect the board's view that MGM's £8.1bn takeover proposal significantly undervalues the company and its prospects. Entain, which was called GVC until December, rejected the proposal on 4 January and shareholders are waiting to hear if MGM comes back with a higher mooted bid.

Gibson said: "We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised."