Jason Robins: DraftKings does not make a firm proposal to Entain “at this time”.

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Draft Kings Today issued a statement confirming its intention to acquire a global sports betting company based in the United Kingdom. include At the moment.

According to DFS and sports betting operators, the decision was made after further analysis and discussion with Entain’s board of directors.

News of a possible acquisition was reported in September when Entain announced that it had received a bid from DraftKings for a $ 20 billion share and cash acquisition. The bid was rejected at 2,500 pence per share (the consideration consisted of a combination of DraftKings shares and cash), following a previous approach from DraftKings.

Jason Robins, DraftKings CEO, co-founder, and board chairman commented on the withdrawal of interest:

“With vertically integrated technology stacks, best-in-class product and technology capabilities, and the ability to maintain leadership position and achieve long-term growth plans in the fast-growing North American market. I’m confident .. “

As a result of this announcement, DraftKings will be bound by the restrictions under Rule 2.8 of the Code for six months from the date of this announcement.

For the purposes of Rule 2.8 of the Code, the Company reserves the right to revoke the above statement and the restrictions of Rule 2.8 of the Code if an agreement with the Entain Board can be found. Announce a firm intention to make an offer to Entain by or on behalf of a third party. When announcing a plaster proposal or reverse acquisition, or when the panel decides on a significant change in the situation.

In response to the DraftKings statement, Enterin issued the following message: As a result of the announcement, DraftKings and its concert parties will be bound by the restrictions contained in Rule 2.8 of the City Law on Acquisitions and Mergers.

“The Board strongly believes in Entain’s future outlook, backed by its key market position, world-class management and industry-leading proprietary technology. Entain is a double-digit online NGR. We have achieved growth for the 23rd consecutive quarter and have an outstanding growth record of achieving a CAGR of 19% for the entire 2021 for three years. “

In addition, “Entertain’s management will provide growth and sustainability strategies and the opportunities presented at Enterin’s capital markets event on August 12, bringing the total available markets to approximately $ 160 billion. We continue to focus on trebling. ”

According to the company, these opportunities include further growth in existing markets.Leadership in the fast-growing North American market BetMGMExpansion into new regulated markets. Expansion to new interactive entertainment experiences such as the emerging esports betting market. Leverage a powerful flywheel effect to increase customer acquisition rates, increase customer loyalty, and reduce acquisition costs.

“As a result, the board is confident in Enterin’s ability to continue to provide significant value to shareholders,” he concluded.

Jason Robins: DraftKings does not make a firm proposal to Entain “at this time”.

Source link Jason Robins: DraftKings does not make a firm proposal to Entain “at this time”.

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