DraftKings makes $20 billion offer for Entain

in Finance

(Reuters) -Sports betting firm DraftKings has made a $20 billion cash-and-stock offer for Ladbrokes owner Entain Plc, CNBC reported on Tuesday, citing sources.

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. (https://bit.ly/3hOgEBx)

The deal would give DraftKings, which allows users to enter daily and weekly fantasy sports-related contests, access to brands such as bwin, Coral, PartyPoker, and Sportingbet.

DraftKings' proposal comes after MGM Resorts International in January ditched plans to buy Entain after the British company rebuffed an $11 billion takeover approach, but investors have speculated that the U.S. casino operator may return with a new bid.

https://www.streetinsider.com/General+News/DraftKings+makes+%2420+billion+offer+for+Entain+-+CNBC/18963514.html