LADBROKES owner Entain closed higher on Wednesday amid reports that it is facing growing pressure from activist investors.

According to the Financial Times, two more US activist hedge funds have voiced concern over the FTSE 100 firm's share price performance and the ability of chief executive Jette

Nygaard-Andersen.

Sachem head capital management and Dendur Capital have reportedly built positions in the company. The funds join Eminence Capital which expressed worries with Entain in June.

The activist investors are concerned about Entain's poor performance in its core markets where regulators have tightened regulation on the online betting industry. They also have grievances with management's deals.

Entain's share price is down by more than a third in the year-to-date, sitting at a three-year low. In contrast, shares in rival and Paddy Power owner Flutter Entertainment are up 13 per cent so far this year.

Entain told City A.M.: "We constantly engage with all of our shareholders, and are committed to constructively addressing questions or concerns."

(c) 2023 City A.M., source Newspaper