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Entain Surges, DraftKings Falls As American Gambling Firm Makes $20 Billion Bid

Stock MarketsSep 21, 2021 23:16
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© Reuters

By Dhirendra Tripathi

Investing.com – Entain stock (LON:ENT) surged 19% in London while DraftKings (NASDAQ:DKNG) plunged 8% on Nasdaq after CNBC reported that the latter has made a $20 billion cash-and-stock offer for the U.K.-based company.

Entain confirmed it has received a proposal from DraftKings but said DraftKings must announce a firm intention to make an offer not later than 5:00 PM on October 19 or say it does not intend to do so.

It said the deadline will only be extended with the consent of the U.K.’s Takeover Panel, Entain said in a statement.

Entain is one of the world’s largest sports-betting and gaming groups, operating both online and in the retail sector. It has licenses in 27 countries and employs a workforce of more than 24,000.

In the U.S., the Group operates BetMGM, a joint-venture with MGM Resorts (NYSE:MGM).

It has a market cap of around 11.22 billion pound sterling ($15.25 billion) against DraftKings’ $23 billion. Entain posted revenue of 3.62 billion pound sterling in 2020.

Entain Surges, DraftKings Falls As American Gambling Firm Makes $20 Billion Bid
 

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