MGM Resorts is walking away from its plans to purchase British gaming company Entain PLC after its $11 billion acquisition offer was rejected. The company said Tuesday that it will no longer be making any new proposal.

In a press release, MGM confirmed that it will halt all efforts to merge with Entain. The company said that it will still continue to work with Entain through its joint ventures and other cooperative businesses.

“We believe that BetMGM has established itself as a top-three leader in its markets and we remain committed to working with Entain to ensure its strong momentum continues as it expects to be operational in 20 states by the end of 2021,” MGM said.

BetMGM is a joint venture online gaming company established by MGM and Entain. MGM initially planned to acquire Entain – the owner of online and offline gaming brands Coral and Ladbrokes – to expand its digital presence.

Earlier in the month, sources with knowledge in the matter said that Entain remained uninterested in MGM’s offers to acquire it. The British company reportedly rejected an all-stock offer from the Las Vegas-based hotel and casino operator.

In a statement published on Jan. 4, MGM confirmed that Entain had rejected its $11 billion all-stock offer. Entain reportedly thought that the deal greatly undervalued the company and shareholders remained unconvinced of the “strategic rationale” for the merger.