Why MGM Resorts Dropped 6% Today

Shares of MGM Resorts International (NYSE: MGM) closed down almost 6% on Monday, after a joint venture partner revealed that MGM is seeking to acquire it. 

MGM joint venture (JV) partner Entain (LSE: ENT) revealed today that MGM has made an acquisition offer of approximately $11 billion. MGM and Entain -- formerly called GVC Holdings -- are partners in the BetMGM sports betting and online casino gaming app. Entain said the offer, which represents a 22% premium over last week's closing share price, "significantly undervalues the company and its prospects."

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Source Fool.com