Draftkings is faced with an extension of its “Put Up or Shut Up” deadline for a decision on a formal offer for Entain plc. with one month and has until November 16, 2021. The gaming conglomerates continue their dialogue to narrow down the details of a possible deal. Talks on the specifics of the takeover seems to stall over over Entain’s BetMGM venture with MGM.
With discussions heavily ongoing, involving terms such as management composition and antitrust clearances, Entain requested the extension from the regulator on Tuesday. The previous deadline was set at October 19 for Draftkings to make a formal offer or to discontinue talks.
DraftKings made its $22.4 billion buyout offer in September after Entain rejected partner MGM’s offer of less than half the amount earlier this year.
“The board will require a number of matters to be satisfactorily resolved that are fundamental to the structure and value of the proposal,” Entain commented.
DraftKings stated that it will continue the talks and its due diligence, while also not ruling out other deals. The betting firm said:
“DraftKings further notes that while it progresses its discussions with Entain, it also continues to remain very focused on opportunities in the high-growth North America market.”
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