GAMBLING giant DraftKings has secured another month to agree a deal with rival Entain after the pair failed to nail down a £16.4bn takeover.

Ladbrokes owner Entain was given the green light from the Takeover Panel on a request to extend a deadline on agreeing a restructuring model. The deadline has been extended to 16 November to facilitate more discussions with the US-based DraftKings, The Times reported.

Entain has insisted that DraftKings must resolve "a number of matters... that are fundamental to the structure" before discussing price.

DraftKings initially proposed £28-a-share with 630p in cash and the rest in shares

Entain said it was "reserving its position on the appropriateness of the value of the proposal".

Entain shares dropped slightly yesterday following reports of the botched deadline.

The company reported revenue of £1.8bn in the first half of 2021, up by 11 per cent compared to 2020. In the UK, online business saw 31 per cent growth for the six month period ending 30 June.

(c) 2021 City A.M., source Newspaper