DraftKings (DKNG) says it will not make a firm offer for Entain

(Updated - October 26, 2021 7:49 AM EDT)

DraftKings (NASDAQ: DKNG) confirms that, following further analysis and discussions with the Entain board of directors, it will not make a firm offer for Entain.

Commenting on this, Jason Robins DraftKings CEO, Co-Founder and Chairman of the Board said:

"After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time. Based on our vertically-integrated technology stack, best-in-class product and technology capabilities and leading brand, we are highly confident in our ability to maintain a leadership position and achieve our long-term growth plans in the rapidly growing North America market."

As a result of this announcement, DraftKings is bound by the restrictions under Rule 2.8 of the Code for six months following the date of this announcement.

For the purpose of Rule 2.8 of the Code, DraftKings reserves the right to set aside the above statement and the restrictions in Rule 2.8 of the Code in the following circumstances:

(i) with the agreement of the board of directors of Entain;

(ii) following the announcement of a firm intention to make an offer for Entain by or on behalf of a third party;

(iii) following the announcement by Entain of a "whitewash" proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or

(iv) where the Takeover Panel has determined that there has been a material change of circumstances.

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