Benzinga | Oct 19, 2021 11:41AM EDT

DraftKings Issues Statement Regarding Entain

DraftKings (NASDAQ:DKNG) notes the announcement made by Entain earlier today relating to the extension of the deadline, under Rule 2.6 of the City Code on Takeovers and Mergers (the "Code"), for DraftKings either to announce a firm intention to make an offer for Entain (in accordance with Rule 2.7 of the Code), or to announce that it does not intend to make such an offer (in accordance with Rule 2.8 of the Code), to 5:00 p.m. (London time) on 16 November 2021. This deadline may be further extended with the consent of the Panel on Takeovers and Mergers, at Entain's request.



DraftKings will continue to engage in discussions between both companies and to conduct more substantive due diligence and analysis regarding its possible offer.

DraftKings looks forward to exploring potential benefits that could derive from this possible combination for its and Entain's shareholders, including:

* Expansion into regulated and regulating markets

* Accelerated product growth

* Innovation in new and existing verticals

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.

This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.7 of the Code. There can be no certainty that an offer will be made nor as to the terms on which any offer will be made.

A further announcement will be made as and when appropriate.