TOP NEWS: Entain Chief Executive Shay Segev Steps Down To Join DAZN

(Alliance News) - Entain PLC on Monday said Chief Executive Officer Shay Segev has given notice ...

Alliance News 11 January, 2021 | 9:01AM
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(Alliance News) - Entain PLC on Monday said Chief Executive Officer Shay Segev has given notice of his intention to leave the company to become Co-CEO of sports streaming platform DAZN.

The FTSE 100 gambling company formerly known as GVC Holdings said Segev has a notice period of six months and will remain in his current role for that period or until a successor is in place. It added a process is "well under way to find his successor".

Entain is a takeover target for US casino operator MGM Resorts International and reiterated its stance that the bid "significantly undervalues the company and its prospects".

Commenting on his departure, Segev said: "Entain is in great shape after the successful launch of our new strategy. I also want to emphasise that the recent interest from MGM Resorts has had absolutely no bearing on my decision, and I fully support the board's decision to reject their proposal. Entain has a great team of leaders and an exciting future ahead through its growth and sustainability strategy, and I will do all I can to continue to support the company."

Added Chair Barry Gibson: "We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised. "I can confirm that this changes nothing with respect to the Board's view of the recent proposal from MGM Resorts International to acquire Entain. The board remains unanimous in our view that the proposal significantly undervalues the company and its prospects."

Shares in Entain were trading 1.1% lower at 1,459.50 pence each on Monday morning in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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