Stock Groups

Entain Surges, DraftKings Falls As American Gambling Firm Makes $20 Billion Bid By Investing.com

by Mike Robinson

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© Reuters

By Dhirendra Tripathi

Investing.com – Entain stock (LON:) surged 19% in London while DraftKings (NASDAQ:) 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 said it received DraftKings’ proposal, but that DraftKings had to announce its firm intent to offer by October 19, at 5:00 pm. If it doesn’t intend to make such an announcement, Entain will not accept.

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. Entain has licensed in 27 countries, employs more than 24,000 people.

BetMGMGM (a joint venture between MGM Resorts and the Group) is operated in the U.S.

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

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