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DraftKings walks away from offer to buy Entain -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a pedestrian walking past Ladbrokes branches in London. December 22, 2017. REUTERS/Simon Dawson

(Reuters) -American betting company DraftKings (NASDAQ) Inc pulled out of making a formal proposal to acquire Entain. The move came after it considered a $22.4 million buyout offer from the British gambling giant.

DraftKings’ Chief Executive Officer Jason Robins announced that the company had discussed Entain with them and decided to not offer Entain a contract.

Robins said, “We’re confident that we can maintain our leadership and realize our long-term growth goals in North America,”

Premarket trading in New York saw DraftKings share prices rise 7%, and Entain shares dropped 11% on London Stock Exchange. This is their worst day since January.

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