Deals
DraftKings Walks From Potential $22.4 Billion Offer for Entain
- U.S. sports betting house offered 2,800 pence for U.K. company
- British company asked for assurances on regulators, management
A Ladbrokes betting shop, operated by Entain Plc, in London.
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
DraftKings Inc., the U.S. sports-betting giant, jumped in New York trading and the British betting house Entain Plc fell after a potential $22.4 billion combination of the two companies collapsed.
DraftKings had offered 2,800 pence a share in cash and stock for Entain, owner of U.K. bookmakers Ladbrokes and Coral. The terms represented a 43% premium over the stock price at the time and improved on an earlier 2,500 pence bid. But the U.S. company said Tuesday it won’t make a final proposal.