Entain rallies as US hedge fund Corvex ups stake to 5.3%
Ladbrokes owner Entain surged to the top of the FTSE 100 on Friday as it emerged that US activist hedge fund Corvex Management has upped its stake in the Ladbrokes owner to about 5.3%.
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Corvex announced in December 2024 that it had purchased about 28m shares of Entain, representing a stake of approximately 4.4%.
It said at the time: "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.
"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.
"We intend to immediately engage with Chairman Barry Gibson and interim CEO Stella David to be a helpful force for change."
Both Entain and Flutter Entertainment also got a boost on Friday after US peer DraftKings nudged up its 2025 revenue guidance to $6.45bn from $6.4bn in results late on Thursday.
At 1310 GMT, Entain shares were up 6.1% at 739.80p, while Flutter was 4.7% higher at 23,060p.