Flutter Entertainment announces new board appointments
Flutter Entertainment stated on the first of July that it will appoint two new non-executive directors to its board, starting July 30.Christine McCarthy will be named to...
Shares in Flutter Entertainment and Penn Entertainment have increased by almost 5% in the last five days, fueled by speculation that Flutter might team up with Boyd Gaming to make a bid for Penn.
Last month, Boyd Gaming made a $9 billion offer to acquire Penn Entertainment, responding to investor dissatisfaction with Penn’s current strategy. Activist investor Donerail Group has been vocal, urging a sale of Penn’s assets, criticizing their digital strategy and capital allocation, arguing it has hurt shareholder value.
Following Donerail’s letter, Hard Rock has been mentioned as a potential buyer for Penn. However, there’s buzz that Flutter might team up with Boyd Gaming to acquire Penn. Boyd would handle Penn’s traditional gambling, while Flutter would take over its digital assets like ESPN Bet. This speculation builds on Boyd’s existing stake in Flutter-owned FanDuel, thanks to a market access deal.
The recent share price movements have sparked intense interest among investors and analysts, as the potential acquisition could profoundly alter the gaming and entertainment sector.
In the last month alone, Penn Entertainment’s shares surged by 16.35%, positioning it as a standout performer in the market for now. However, this contrasts sharply with Penn’s declines of 18.22% over the last six months and 22.6% over the past year. During the same period, Flutter Entertainment saw a 4.56% increase in its shares, while Boyd Gaming experienced a 4.05% rise.
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Boyd Gaming’s $9B rumored bid for Penn spurs rally
Following a rumor suggesting that Boyd Gaming may be contemplating a buyout approach of more than $9 billion for the regional casino operator, Penn Entertainment's shares...
