DraftKings has issued a statement disclosing its refusal to make a firm offer on Entain following discussions with the company’s board of directors
DraftKings has issued a statement disclosing its refusal to urinate a unfaltering proffer on Entain followers discussions with the company’s room of directors.
After further analysis and talks betwixt both business’ senior leadership, DraftKings has declined to initiate a stiff acquisition offer, connection MGM Resorts in inviting Entain to the party, but refusing to dance.
Jason Robbins, DraftKings’ CEO, Co-founder and Chairman, commented on his company’s decision, saying: “After several discussions with Entain leadership, DraftKings has decided that it testament non create a firm proffer for Entain at this time.
“Based on our vertically-integrated engineering stack, best-in-class production and engineering capabilities and leading brand, we are highly surefooted inward our power to defend a leadership stance and attain our long-term growing plans in the rapidly growing Second Earl of Guilford America market.”
The deadline came and went on Tuesday 19 Oct for DraftKings’ to spend a penny a formal offering for the UK-based Entain Group after the American sports betting brandmark reportedly floated a $22.4bn buy-out tender in September.
One hebdomad later and DraftKings published this financial statement detailing its refusal to hunting lodge a formal offer to acquire Entain.
As a result, the fellowship is now unable to pretend any farther offers for sextuplet months following the particular date of this announcement, excepting sure circumstances which include the correspondence of Entain’s table of directors, an offering from a 3rd company or the declaration past Entain of a “whitewash” proposition or reversal takeover.
In addition, DraftKings’ backdown marks the back clip this yr that Entain has almost been acquired, following a similar make a motion by MGM Resorts International inwards Jan when it decided against submitting a revised offer for the Brits gaming firm.