Entain shares fall as DraftKings says will not make offer

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imageStock Markets15 hours ago (Oct 26, 2021 12:52)

© Reuters.

By Samuel Indyk

Investing.com – DraftKings (NASDAQ:DKNG) has confirmed that following further analysis and discussions with the Entain (LON:ENT) board of directors it will not make a firm offer for the company.

The two groups announced they were in discussions about a potential deal in September after DraftKings made a $20 billion takeover offer for the Ladbrokes owner. However, discussions will {{0|now}
} be terminated following the latest announcement.

“After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time,” said DraftKings CEO Jason Robins. “Based on our vertically-integrated technology stack, best-in-class product and technology capabilities and leading brand, we are highly confident in our ability to maintain a leadership position and achieve our long-term growth plans in the rapidly growing North America market.”

Entain shares fell by over 10% following the announcement and are now trading back at levels seen prior to the first public knowledge of the discussions on September 21st. DraftKings shares are higher by 7.5% in pre-market trade. 

Entain shares fall as DraftKings says will not make offer

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