Apollo weighs up takeover bid for Entain

8th Apr 2024 07:49

(Sharecast News) - Private equity firm Apollo was said to be keeping a keen eye on the impending departure of Entain chairman Barry Gibson, a man who blocked two previous takeover attempts.

According to the Times, the fate of "a whole range" of assets was uncertain following speculation that a number of other buyout firms were interested in Entain's brands, including CVC Capital.

Entain's review, which was being undertaken by investment bank Moelis, was still in the early stages, with findings to be fed into a newly formed "capital allocation committee" run by Gibson, before any final decision could be reached. However, the review could result in no brands being put up for sale

Times sources also noted that Entain may reveal the name of its next chief executive "in the coming days and weeks", likely putting attempts to pick apart the business by prospective bidders at risk.

As of 0900 BST, Entain shares were up 2.76% at 805.60p.

Reporting by Iain Gilbert at Sharecast.com