DraftKings Statement Regarding Entain
DraftKings (NASDAQ: DKNG) announced that the deadline for making a firm offer for Entain has been extended to 5:00 p.m. London time on November 16, 2021. This extension is under the City Code on Takeovers and Mergers. The company continues discussions and due diligence regarding a possible offer, emphasizing potential benefits for shareholders such as market expansion and accelerated product growth. However, the announcement does not guarantee that an offer will be made, and further updates will be provided as necessary.
- Potential expansion into regulated markets
- Accelerated product growth opportunities
- Innovation in new and existing verticals
- No guarantee that an offer will be made
BOSTON, Oct. 19, 2021 (GLOBE NEWSWIRE) -- 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.
About DraftKings
DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. DraftKings’ Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming. DraftKings’ daily fantasy sports product is available in 7 countries internationally with 15 distinct sports categories. DraftKings is the official daily fantasy partner of the NFL, MLB, NHL, NASCAR, PGA TOUR and UFC as well as an authorized gaming operator of the NBA, an official sports betting partner of the NFL, MLB and NHL an official betting operator of PGA TOUR and the official betting operator of UFC. Launched in August 2021, DraftKings Marketplace is a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions. DraftKings also owns Vegas Sports Information Network, Inc. (VSiN), a multi-platform broadcast and content company.
Inquiries
| DraftKings Inc. | |
| Press: Investor Relations: Joe DeCristofaro | Media@draftkings.com investors@draftkings.com +1 617 986 6744 |
The Raine Group, financial adviser to DraftKings Inc. | +44 20 3695 8600 |
| John Salter Colin Neville Jason Schretter Brett Varsov Garrett Gomes | |
Credit Suisse, financial adviser to DraftKings | +44 20 7888 8888 |
| Michael Kamras Joe Hannon Ben Deary Matt Hall (Corporate Broking) |
Important Notices
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote in any jurisdiction whether pursuant to this announcement or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The release, publication or distribution of this announcement in whole or in part, directly or indirectly, in, into or from certain jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdiction.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
Financial Advisers
Raine Advisors Limited (“Raine”), which is an Appointed Representative of Sapia Partners LLP, an entity which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FRN: 550103), is acting as financial adviser exclusively for DraftKings and no one else in connection with the matters set out in this announcement and will not be responsible to any person other than DraftKings for providing the protections afforded to clients of Raine, nor for providing advice in relation to the content of this announcement or any matter referred to herein. Neither Raine nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Raine in connection with this announcement, any statement contained herein or otherwise.
Credit Suisse International (“Credit Suisse”), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK, is acting as financial adviser exclusively for DraftKings and no one else in connection with the matters set out in this announcement and will not be responsible to any person other than DraftKings for providing the protections afforded to clients of Credit Suisse, nor for providing advice in relation to the content of this announcement or any matter referred to herein. Neither Credit Suisse nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement, any statement contained herein or otherwise.
Website
In accordance with Rule 26.1(a)(ii) of the Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in certain restricted jurisdictions) on DraftKings’ website (at https://DraftKings.gcs-web.com) by no later than 12 noon (London time) on 20 October 2021 (being the business day following the date of this announcement). The content of such website is not incorporated into, and does not form part of, this announcement.
Important Information for US Investors
In the event that DraftKings enters into any transaction with respect to Entain (a “Transaction”), DraftKings may be required to file certain relevant documents with the U.S. Securities and Exchange Commission (the “SEC”). Such documents, however, are not currently available. INVESTORS ARE URGED TO READ ANY DOCUMENTS REGARDING A TRANSACTION IF AND WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors will be able to obtain a free copy of such filings without charge, at the SEC’s website (http://www.sec.gov) once such documents are filed with the SEC.
No securities to be issued in connection with a Transaction have been registered under U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and no securities will be offered or sold in the United States in connection with a Transaction unless pursuant to registration under the U.S. Securities Act or pursuant to an applicable exemption from the registration requirements of the U.S. Securities Act. A Transaction involving a scheme of arrangement may involve the issuance of securities in reliance upon the exemption from the registration requirements of the U.S. Securities Act provided by Section 3(a)(10) thereof, and would be subject to local disclosure requirements (which disclosure requirements would be different from those of the United States). A Transaction involving a tender offer would be subject to applicable rules under the U.S. Securities Exchange Act of 1934, as amended, including any applicable exemptions provided under Rule 14d-1(d) thereunder.
FAQ
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