Entain Responds to Rumors of DraftKings’ $ 20 Billion Acquisition Bid

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UK-based global sports betting company include Announced answers to speculations broke earlier today regarding a takeover offer by US DFS and sports betting operators Draft Kings..

Rumors of the proposed bid were aired by CNBC It reported that DraftKings had placed about $ 20 billion worth of cash and stock bids (mainly stocks) on behalf of the company, citing insider sources.

In response to this news, Entain issued the following statement: “The Entain Commission is paying close attention to recent media speculation. Entain’s board confirms that it has received a proposal to acquire Entain from DraftKings. This proposal is a combination of DraftKings shares and cash. It is included.”

In addition, he adds: “We are not sure if an offer will be made to the company and the conditions under which such an offer will be made. Further announcements will be made as needed. At this time, no action is taken by shareholders. Please do not wake it up. “

Entain also noted that DraftKings needs to check or reject such offers at the table. It states: “All Entain offers are subject to City Law on Acquisitions and Mergers. Under Rule 2.6 (a) of the Code, DraftKings will comply with Rule 2.7 of the Code by 5 pm on October 19, 2021. Announce a firm intention to make an offer, or in the case of an offer, the announcement is treated as a statement to which Rule 2.8 of the Code applies.

“This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6 (c) of the Code. This announcement was made without the consent of DraftKings.”

Bid speculation follows last month’s strong interim results from Entain, citing significant progress in the US business. BetMGM According to the company, the group’s joint venture with MGM Resorts in the United States remains strong, with net game revenue of $ 357 million in the first half, putting it in a good position for further success in the first half.

On paper, Entain will offer attractive suggestions for DraftKings. The company claims to be the second largest operator of sports betting and igaming in the United States with a market share of 22% and the first operator of igaming with a 30% market share and expanding leadership.

Entain Responds to Rumors of DraftKings’ $ 20 Billion Acquisition Bid

Source link Entain Responds to Rumors of DraftKings’ $ 20 Billion Acquisition Bid

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