Regulators in the UK have granted DraftKings an extension for the online bookmaker’s proposed €19.4 billion ($22.6/£16.4 billion) takeover of Entain. The original deadline of October 19th has now been extended to November 16th.
According to the Panel on Takeovers and Merger’s code, the board of the offeree can request an extension if negotiations for the takeover are still in progress and yet to be concluded. It’s believed that DraftKings requested the extension due to the complicated nature of the takeover negotiations.
This is in large part down to the fact that there is a third player involved as MGM Resorts is currently a 50-50 partner with Entain in their joint venture — US sports betting operator BetMGM.
MGM Plays Party Pooper as DraftKings Given Extension to Negotiate 'Complicated' Entain Takeover. MGM Plays Party Pooper as DraftKings Given Extension to Negotiate 'Complicated' Entain Takeover MGM Plays Party Pooper as DraftKings Given Extension to Negotiate 'Complicated' Entain Takeover which was announced last month valued Entain at €19.4 billion ($22.6/£16.4 billion) or £2.80 per Entain share. The latest offer consisted of 630 pence (£6.30/€7.32/$8.51) in cash with the balance payable in DraftKings Class A common shares. This was a 46.2% premium to Entain’s closing share price on the previous day. MGM Plays Party Pooper as DraftKings Given Extension to Negotiate 'Complicated' Entain Takeover MGM Plays Party Pooper as DraftKings Given Extension to Negotiate 'Complicated' Entain Takeover
Ciaran McEneaney
MGM Plays Party Pooper as DraftKings Given Extension to Negotiate 'Complicated' Entain Takeover