DraftKings soars after passing on Entain acquisition
$DraftKings(DKNG.US$ $ENTAIN PLC UNSPON ADS ECH REP 1 ORD SHS(GMVHY.US$ Currently, DraftKings shares are higher by 7.5% in pre-market trade.
DraftKings has confirmed that following further analysis and discussions with the Entain 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 now be terminated following the latest announcement.
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.
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