"After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time," DraftKings CEO Jason Robins said in a statement.
“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,” Robins added.
DraftKings had made two proposals to acquire Entain last month. The first, a £25.00 per share offer, comprising cash and stock, had been rejected by its board. The company had then returned with a new proposal of £28.00 per share on 19 September.
Earlier this year, Entain was the subject of a rejected US$11bn bid from MGM Resorts International, its joint venture partner for the US-facing BetMGM betting and igaming business. Entain at the time said the bid undervalued its business, and MGM opted against making a higher offer.
Source: GMB
