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US casino giant MGM Resorts has abandoned a takeover attempt for Ladbrokes and Coral owner Entain after its earlier proposal was spurned.
MGM said it will not raise its $11bn (£8.1bn) offer of two weeks ago, which Entain had rebuffed as significantly undervaluing the company.
Following Entain s rejection, shares in the UK-listed company tumbled.
After MGM s announcement on Tuesday it was walking away from a takeover, Entain shares fell another 20%.
FTSE 100-listed Entain. which renamed itself from GVC Holdings last month, describes itself as one of the world s largest sports betting and gaming groups operating in the online and retail sector .