Draftkings Drops Entain Bid

DraftKings ($DKNG@US) has walked away from its $22 billion bid to purchase competitor Entain. This is the second time that an American firm has tried and failed to move into the UK and purchase an offshore competitor. DraftKings CEO Jason Robins said, “After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time.” In January, Entain rejected an $11 billion takeover offer from MGM ($MGM@US). For its part, MGM—a joint partner with Entain—said that any deal resulting in Entain operating as a competing business would require its consent. As the home of Ladbrokes and Coral, bwin and partypoker, Entain said that it “strongly believes” in its future as an independent company. Even after news broke of the failed takeover, DraftKings stock rose over 1 and a half percent in early trading.