{"id":303269,"date":"2023-12-14T11:21:49","date_gmt":"2023-12-14T17:21:49","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=303269"},"modified":"2023-12-15T21:07:37","modified_gmt":"2023-12-16T03:07:37","slug":"corvex-management-takes-4-4-equity-stake-in-entain","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/","title":{"rendered":"Meister\u2019s Corvex Management Takes 4.4% Stake in Entain"},"content":{"rendered":"

Less than 24 hours after Jette Nygaard-Andersen resigned as chief executive officer of Entain (OTC: GMVHY), Keith Meister’s Corvex Management revealed it took a 4.4% stake in the Ladbrokes owner.<\/p>\n

\"Corvex
Corvex Management founder Keith Meister at an investment conference in New York. His hedge fund took a 4.4% stake in Entain. (Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

Corvex is a major investor in MGM Resorts International (NYSE: MGM), where Meister is a board of directors member. The casino giant is Entain’s 50\/50 partner in BetMGM<\/a>. Meister’s firm joins Dendur Capital and Sached Heam Capital, two New York-based hedge funds, in recently revealing activist stakes in the Coral owner. Those two money managers bought shares in Entain before Nygaard-Andersen’s resignation.<\/p>\n

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,\u201d<\/strong> said Corvex in a statement.<\/p><\/blockquote>\n

The hedge fund added it intends to work with Entain Chairman Barry Gibson and interim CEO Stella David “to be a helpful force for change.”<\/p>\n

Corvex Entain Investment Could Stoke MGM Rumors<\/h2>\n

In midday trading, Entain’s U.S.-listed shares were higher by nearly 9%, indicating investors are enthusiastic about the departure of Nygaard-Andersen and Corvex taking a stake in the gaming company.<\/p>\n

\n

The news could also reignite speculation that MGM could revisit a takeover offer<\/a> for Entain. Corvex is an activist investor, pushing for some form of change with its investment in the company. With Meister being an MGM director, he’d almost certainly vote in favor of the Bellagio operator bidding anew for its BetMGM partner.<\/p>\n<\/div>\n

Following Entain’s January 2021 rejection of a $11.06 billion takeover bid from MGM, speculation has been rampant that the casino company will eventually revisit an acquisition scenario. That’s though executives from that firm have said such a deal isn’t in the near offing. Entain investors are likely wishing their company had accepted that deal because the operator’s market value has since slumped to $6.83 billion.<\/p>\n

Corvex and the other activists could push Entain to sell its BetMGM stake to MGM — something the latter would likely be agreeable to — but it’s not clear if that’s their plan of attack a the hedge fund is also a significant investor in Sweden’s Kindred Group<\/a>. But given Entain’s recent missteps with acquisitions, it may be unlikely that he’d push for Entain to be a buyer of Kindred.<\/p>\n

Entain Performance ‘Unacceptable’<\/h2>\n

Entain and Nygaard-Andersen became targets for activists following a debt-fueled $2 billion acquisition binge that saw the operator gobble up smaller sports betting outfits across Europe, seemingly to bulk up and fend off unsolicited takeover bids.<\/p>\n

\n

Those missteps, coupled with BetMGM’s declining market share in the U.S. and Entain’s recent $729 million payment to U.K. regulators to settle allegations of bribery related to its Tsh operations, likely sealed Nygaard-Andersen’s fate<\/a>.<\/p>\n<\/div>\n

The former chief executive officer did herself no favors with her inability to control corporate costs and her knack for private air travel, which drew the ire of Entain investors, who dubbed her “Private Jette.” For its part, Corvex sees more change coming at the gaming company.<\/p>\n

“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,” concluded the money manager.<\/p>\n","protected":false},"excerpt":{"rendered":"

Less than 24 hours after Jette Nygaard-Andersen resigned as chief executive officer of Entain (OTC: GMVHY), Keith Meister’s Corvex Management revealed it took a 4.4% stake in the Ladbrokes owner. Corvex is a major investor in MGM Resorts International (NYSE: MGM), where Meister is a board of directors member. The casino giant is Entain’s 50\/50 […]<\/p>\n","protected":false},"author":46,"featured_media":226043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,81883,32093,1],"tags":[81903,82205,81966,81967],"acf":[],"yoast_head":"\nCorvex Management Takes 4.4% Equity Stake In Entain<\/title>\n<meta name=\"description\" content=\"Meister\u2019s Corvex Management Takes 4.4% Stake in Entain.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Corvex Management Takes 4.4% Equity Stake In Entain\" \/>\n<meta property=\"og:description\" content=\"Meister\u2019s Corvex Management Takes 4.4% Stake in Entain.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-14T17:21:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-16T03:07:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/\",\"url\":\"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/\",\"name\":\"Corvex Management Takes 4.4% Equity Stake In Entain\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg\",\"datePublished\":\"2023-12-14T17:21:49+00:00\",\"dateModified\":\"2023-12-16T03:07:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Meister\u2019s Corvex Management Takes 4.4% Stake in Entain.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Corvex Management founder Keith Meister at an investment conference in New York. His hedge fund took a 4.4% stake in Entain. (Image: Bloomberg)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Meister\u2019s Corvex Management Takes 4.4% Stake in Entain\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Corvex Management Takes 4.4% Equity Stake In Entain","description":"Meister\u2019s Corvex Management Takes 4.4% Stake in Entain.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/","og_locale":"en_US","og_type":"article","og_title":"Corvex Management Takes 4.4% Equity Stake In Entain","og_description":"Meister\u2019s Corvex Management Takes 4.4% Stake in Entain.","og_url":"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-12-14T17:21:49+00:00","article_modified_time":"2023-12-16T03:07:37+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/","url":"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/","name":"Corvex Management Takes 4.4% Equity Stake In Entain","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg","datePublished":"2023-12-14T17:21:49+00:00","dateModified":"2023-12-16T03:07:37+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Meister\u2019s Corvex Management Takes 4.4% Stake in Entain.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/KM.jpg","width":1200,"height":800,"caption":"Corvex Management founder Keith Meister at an investment conference in New York. His hedge fund took a 4.4% stake in Entain. (Image: Bloomberg)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/corvex-management-takes-4-4-equity-stake-in-entain\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Meister\u2019s Corvex Management Takes 4.4% Stake in Entain"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/303269"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=303269"}],"version-history":[{"count":6,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/303269\/revisions"}],"predecessor-version":[{"id":303518,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/303269\/revisions\/303518"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/226043"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=303269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=303269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=303269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}