DraftKings given extension to pursue Entain takeover

Finance News

DraftKings until November 19 to decide on a formal offer for Entain as the betting firms continue talks on the details of a possible deal, including the U.S. company’s plans for Entain’s BetMGM venture with MGM.

Entain said on Tuesday it had sought the extension from Britain’s takeover regulator since the discussions were still ongoing. Talking points with DraftKings also included management composition and antitrust clearances, it added.

DraftKings put forward its $22.4 billion buyout proposal last month after Entain rejected a bid roughly half the size from partner MGM earlier this year. DraftKings had until Oct. 19 to make a firm offer for Entain or walk away.