DraftKings makes $ 20 billion bid for Entain – CNBC

Sept. 21 (Reuters) – Sports betting firm DraftKings (DKNG.O) made a $ 20 billion cash and stock offer to Ladbrokes owner Entain Plc (ENT.L), CNBC reported on Tuesday, citing sources.

The offer price is around 2,500 pence per share, according to CNBC’s David Faber, mostly in DraftKings shares 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 scrapped plans to buy Entain in January after the U.K. company pushed back an $ 11 billion takeover approach, but investors speculated that the US casino operator could come back with a new offer. Read more

Entain and DraftKings were not immediately available for comment.

Reporting by Subrat Patnaik in Bengaluru; Edited by Ramakrishnan M.

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