The board of Entain Plc confirms that it has received a proposal from DraftKings to acquire Entain, the consideration for which would include a combination of DraftKings stock and cash.

The offer price is roughly 2,500 pence per share, according to CNBC’s David Faber, largely in DraftKings stock along with a cash component. Shares of Entain, which owns brands such as Ladbrokes, bwin, Coral, PartyPoker and Sportingbet, surged about 22% to 2,268 pence. A further announcement will be made as and when appropriate. Shareholders are urged to take no action at this time.

In January, Entain had rejected an $11 billion offer from MGM Resorts International, saying it undervalued the company. In April DraftKings reported a narrower-than-expected second-quarter loss and boosted its full-year profit guidance amid a rebound in online sports betting and interest in NFTs and other media that continues to draw users to its online platform.