The Board of Entain responds to recent media speculation and confirms through an official statement that it has received a proposal from DraftKings to acquire Entain, the consideration for which would include a combination of DraftKings stock and cash.
In an update to its initial statement, Entain indicates that there was a first DraftKings proposal equivalent to 2,500 pence per share that was rejected, and a new proposal was received on September 19, 2021.
In DraftKings' latest proposal, the company would offer 2,800 pence per Entain share consisting of 630 pence in cash and the balance to be paid in new DraftKings Class A common shares.
It should be noted that 2,800 pence per Entain share represented a 46.2% premium over Entain shares based on the price of September 20, 2021.
The Board of Entain strongly believes in the future prospects of the company supported by its market leadership, its management team and its technology. Thus, it underlines that the company has a solid history of growth and great future projections.
Along the same lines, the group emphasizes its leadership position in the fast-growing North American market through its BetMGM Joint Venture. In addition, Entain has more diversified and regulated revenues than any other global operator and is very proud of its actions for player protection through its ARC (Advanced Responsibility and Care) program.
Entain has made it clear that there is no certainty that any offer will be made by the Company and advises that it will carefully consider the proposal.
According to the City Code on Acquisitions and Mergers, DraftKings may announce before 5:00 p.m. on October 19, 2021 a firm intention to make an offer for Entain or will announce that it does not intend to make an offer
In this regard, the group informs that a new announcement will be made when appropriate and urges its shareholders not to take any action at this time.
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