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    GVC   IM00B5VQMV65

ENTAIN PLC

(GVC)
  Report
Real-time Estimate Quote. Real-time Estimate Cboe Europe - 01/21 06:13:00 am
1686.25 GBX   -2.19%
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Entain shares fall after Draftkings ditch $22bn bet

10/27/2021 | 01:21am EST

SHARES in Ladbrokes owner Entain sank yesterday afternoon after Draftkings said it won't be making a final bid to buy the gambling giant.

Draftkings had offered 2,800p a share in cash and stock for Entain back in September, a $22.4bn (£16bn) offer which represented a 43 per cent premium over the company's share price and improved upon an earlier 2,500p bid which has been rebuffed by the FTSE-listed firm.

However, to move forward with the purchase, Draftkings needed to give a firm offer by 19 October, but it missed the deadline as the parties struggled to agree over the governance structure for BetMGM, the joint venture between Entain and US casinos giant MGM.

Jason Robins Draftkings CEO yesterday said "after several discussions with Entain leadership, Draftkings has decided that it will not make a firm offer for Entain at this time.

It will be unable to make another offer to purchase Entain for at least six months.

Entain, which owns UK high street betting shop staples Coral and Ladbrokes as well as Foxy Bingo and partypoker, saw its shares recover somewhat in afternoon trading following Draftkings' announcement, but still closed down 6.3 per cent to 2,002p.

Entain said its board "strongly believes" in its future prospects and that its management would focus on the company's growth targets.

It is the second time a US firm has approached Entain over the past year, after US joint venture partner MGM saw a £8bn move rebuffed.

UK betting firms have been heavily targeted by US rivals over the past year amid a rapid growth in sports betting across the US due to relaxing federal laws across many states.

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

Stocks mentioned in the article
ChangeLast1st jan.
DRAFTKINGS INC. -3.41% 20.67 Delayed Quote.-24.75%
ENTAIN PLC -2.52% 1681.3708 Delayed Quote.2.44%
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Analyst Recommendations on ENTAIN PLC
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Financials
Sales 2021 3 830 M 5 197 M 5 197 M
Net income 2021 241 M 327 M 327 M
Net Debt 2021 2 075 M 2 816 M 2 816 M
P/E ratio 2021 42,6x
Yield 2021 1,26%
Capitalization 10 112 M 13 802 M 13 723 M
EV / Sales 2021 3,18x
EV / Sales 2022 2,74x
Nbr of Employees 18 918
Free-Float 97,5%
Chart ENTAIN PLC
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Entain plc Technical Analysis Chart | MarketScreener
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Technical analysis trends ENTAIN PLC
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TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Last Close Price 1 724,00 GBX
Average target price 2 419,88 GBX
Spread / Average Target 40,4%
EPS Revisions
Managers and Directors
Jette Nygaard-Andersen Chief Executive Officer & Director
Robert Matthew Wood CFO, Director & Deputy Chief Executive Officer
John Michael Barry Gibson Non-Executive Chairman
Sandeep Tiku Chief Technology Officer
Peter A. Isola Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
ENTAIN PLC2.44%13 802
EVOLUTION AB-0.02%30 176
FLUTTER ENTERTAINMENT PLC-3.53%27 085
GALAXY ENTERTAINMENT GROUP LIMITED12.62%25 464
SANDS CHINA LTD.15.91%21 880
ARISTOCRAT LEISURE LIMITED-1.40%20 949