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Entain shares soar to life high after DraftKings’ $22.4 billion buyout proposal By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: A view from the inside of a Ladbrokes Harpenden shop, UK, March 18, 2020. REUTERS/Peter Cziborra/File Photo

(Reuters) – Entain’s shares jumped 10% to an all-time high on Wednesday after the gambling firm revealed a $22.4 billion takeover proposal from Boston-based DraftKings (NASDAQ:) which was nearly double a bid it rejected from MGM this year.

The opening bell of the UK bluechip index rang and shares rose to 24.9 pound. That’s below DraftKings’ proposal of 28 paise per share.

Rumours of an additional bid by MGM (with which Entain shares a joint venture) in the United States have been circulating after the $4.4 billion Asset Sale by the Casino Group last month.

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