DraftKings gets deadline extension for Entain offer
By Michele Maatouk
Date: Tuesday 19 Oct 2021
(Sharecast News) - Ladbrokes owner Entain said on Tuesday that the UK Takeover Panel has extended the deadline for US-based DraftKings to announce a firm intention to make an offer for the company or walk away.
DraftKings had been given until 1700 BST on Tuesday but that has now been pushed back to 16 November. Entain is currently considering a 2,800p a share takeover offer from the group, having rejected a bid from its joint venture partners MGM Resorts in January.
Entain said its board has been in talks with DraftKings "to explore the merits and feasibility of a potential transaction reserving its position on the appropriateness of the value of the proposal".
As part of this process, Entain said it needed a "number of matters to be satisfactorily resolved that are fundamental to the structure and value of the proposal". This includes total value creation for Entain shareholders, including share of potential synergies and the terms of any proposed technology supply agreement to BetMGM and MGM, among other things.
Entain shares rallied on the news and by 1620 BST, were trading up 3.1% at 2,190p.
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