DraftKings makes $20bln offer for Entain - CNBC

DraftKings' proposal comes after MGM Resorts International in January ditched plans to buy Entain

  
Dealers work at their desks whilst screens show market data following a vote on Prime Minister Theresa May's Brexit 'plan B' at CMC Markets in London, Britain, January 30, 2019.

Dealers work at their desks whilst screens show market data following a vote on Prime Minister Theresa May's Brexit 'plan B' at CMC Markets in London, Britain, January 30, 2019.

REUTERS/Dylan Martinez

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. 

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. 

Entain and DraftKings were not immediately available for comment.

(Reporting by Subrat Patnaik in Bengaluru; Editing by Ramakrishnan M.) ((subrat.patnaik@tr.com; Twitter: @Subrat_Patnaik;))


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