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11.11 - 20:55
US firm DraftKings abandons takeover bid for Ladbrokes owner Entain
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A $22.4bn (£16.2bn) takeover of Entain, the owner of Ladbrokes, by the US fantasy sports and gambling company DraftKings will not go ahead, after the prospective buyer’s interest in a deal cooled.
In a statement to the stock market, Entain said DraftKings had decided not to make a firm offer, more than a month after first declaring its interest in a takeover. City takeover rules mean that the American firm is not permitted to return with a new offer for another six months.
DraftKings was the second US gambling company within a year to express an interest in buying Entain.
The board of Entain, which owns brands including Coral, Ladbrokes and Bwin, knocked back an £8bn offer from US joint venture partner MGM Resorts in January.
DraftKings’
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