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About LinkBacksDraftKings released a statement this morning confirming that it will not make an offer to acquire Entain. Back in September, DraftKings made a tentative £16.4 billion bid, but had not made it official.
A statement from DraftKings CEO Jason Robbins:
From Bloomberg:"After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time. 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.”
Read more here: https://www.bloomberg.com/news/artic...fer-for-entainDraftKings had offered 2,800 pence a share in cash and stock on Sept. 19 for Entain, owner of British bookmakers Ladbrokes and Coral. The offer represented a 43% premium over the stock price at the time and improved on an earlier 2,500-pence bid.
Entain shares fell 12% in trading in London on Tuesday, while DraftKing’s shares rose 9% in pre-market trading in New York.
In mid-October, Entain asked the U.K. merger regulator for an extension to Nov. 16 for DraftKings to make a firm offer, after failing to reach an agreement over a technology licensing agreement and governance structure for BetMGM, an online joint venture between Entain and MGM Resorts International.
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26 October 2021, 9:06 am #1
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DraftKings announces it will not make offer for Entain
Last edited by The Buzz; 26 October 2021 at 10:20 am.
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26 October 2021, 7:30 pm #2
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I interpret part of what they said as
Entain is certainly NOT a "best-in-class product and technology capabilities and leading brand", and we don't wanna pay 16 billion for that.
Rick
Universal4
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27 October 2021, 3:30 am #3
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Considering the shady history of Entain, you can't blame DraftKings.
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drifter8 (27 October 2021)
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27 October 2021, 4:34 am #4
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Both are shady , but ost obviosly Entain "hold" the title
They definitely love to pay to affiliates and never cut anyone winnings, when some big merch or buying is coming in
Seven times fall, eight times stand.
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rmeeuwsen (27 October 2021)
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28 October 2021, 1:58 pm #5
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Glad to hear this news. Even though they may not be the most reputable I prefer working with Entain at the moment.
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