Eminence Group launches attack on Entain for senseless acquisition of STS

An open letter from the New York-based investment firm Eminence Capital to the board of directors of Entain expresses its disapproval of the proposed acquisition of STS Holdings by the gambling industry behemoth. Eminence now owns 13.2 million shares in Entain, or around 2% of all outstanding shares; the first of these shares was acquired by Eminence in 2020. Additionally, Eminence claims Entain's stock has lost more than 8% of its value, or more than £650 million, which is comparable to the price being paid for STS.

 

[GamblingBoy]

So it was because of intesion to acquire STS that Entain put up its share sale. Had the firm management ever discussed with the other partners such as Eminence Group before it took the decision?. I understand the firm has other alternative to raise funds, why not utilize such alternative instead of selling its shares?.