GAMING NEWS
11
DraftKings Walks Away From Entain
D
raftKings has announced it will NOT be making an offer for online gambling company Entain, initially DraftKings made a tentative offer of £16.4 billion but had not made an official offer. In response Entain had offered to extend the offer period till November however DraftKings has now stated it will not be coming back with that firm offer. Rumours will now swirl that MGM Resorts is set to come back in since their failed bid earlier this year with an £8 billion offer for their partner in the US with the BetMGM brand. To do so many observers believe it would have to be £17 billion. In announcing their decision DraftKings said: DraftKings confirms that, following further analysis and discussions with
the Entain board of directors, it will not make a firm offer for Entain. Commenting on this, Jason Robins DraftKings CEO, Co-Founder and Chairman of the Board said: “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 verticallyintegrated technology stack, bestin-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.” As a result of this announcement, DraftKings is bound by the restrictions under Rule 2.8 of the Code for six months following the date of this announcement.
Code, DraftKings reserves the right to set aside the above statement and the restrictions in Rule 2.8 of the Code in the following circumstances: *With the agreement of the board of directors of Entain; *Following the announcement of a firm intention to make an offer for Entain by or on behalf of a third party; *following the announcement by Entain of a “whitewash” proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or *where the Takeover Panel has determined that there has been a material change of circumstances.
For the purpose of Rule 2.8 of the
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