DraftKings offers $20bn in Entain bid, reports claim
Earlier this year the British company rejected an $11bn bid from MGM Resorts
According to reports, US-based sports betting and gaming group DraftKings has offered a bid of $20bn for the UK-based gaming company Entain. The proposed bid is made up mainly of DraftKings stocks.
As reported by CNBC’s David Faber, DraftKings is willing to offer a bid of $20bn to acquire the FTSE 100 company. Entain currently operates across the US, UK and Australia. The company’s presence in the US is organized through a partnership with MGM. Together the two operate BetMGM.
Earlier this year Entain rejected an $11bn takeover bid from MGM, the offer was deemed far below the company’s value.
DraftKings’ proposed bid was made up mostly of stock offerings. The sportsbook’s share price is currently $53.65, meanwhile Entain is valued at $30.40, an all-time high for the company.
Should the bid be accepted it would see DraftKings continue its operations outside the US which began with the takeover of SBTech, a move that significantly increased the company’s value.
Recently DraftKings launched its micro-betting platform with Simplebet, allowing players to make in-play bets on a number of different sporting events.
Update: Entain confirmed its recieval of the bid, stating it “would include a combination of DraftKings stock and cash”.
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