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Entain Plc (OTCPK:GMVHF) rose 3.2% in London amid a report that activist investors have built positions in the owner of Ladbrokes and Coral brands.
Sached Heam Capital and Dendur Capital have accumulated stakes in Entain (OTCPK:GMVHF), according to a Financial Times report on Wednesday, which cited people familiar with the matter. The activists are worried about sales in Entain’s primary markets, including the UK, as regulators have been cracking down on the online betting market as well as internal issues at Entain.
The latest activists join fellow activist investor Eminence Capital, who in June reportedly called the sports betting company’s plan to fund its acquisition of STS Holdings with an equity sale “illogical.”
The activists are pushing for Eminence founder Ricky Sandler to be added to Entain’s (OTCPK:GMVHF) board and for him to have a role in filing outstanding vacancies on the board, according to the FT report.
Entain told the FT in a statement that it’s “committed to constructively addressing any questions or concerns” of shareholders.
