Entain receives improved takeover from DraftKings

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Sports-betting group Entain said DraftKings had sweetened its takeover for the company to 2,800 pence per share from 2,500 pence share.

The improved proposal was received on 19 September 2021.

'The board of Entain will carefully consider the proposal and a further announcement will be made as and when appropriate. Shareholders are urged to take no action at this time,' the company said.

DraftKings' proposed offer 2,800 pence per Entain share -- consisting of 630 pence in cash and the balance payable in new DraftKings Class A common shares -- represented a premium of 46.2% to Entain's closing share price on 20 September 2021.

Under market rules, DraftKings must submit an offer by no later than 5.00 p.m. on 19 October 2021 or walk away.