US gambling group Draftkings Inc (NASDAQ:DKNG) has been given more time in its takeover pursuit of Ladbrokes and Gala bingo owner Entain PLC (LSE:ENT).
A put up or shut up option has been extended until 16 November, while Entain has given the US firm a list of requirements to get the acceptance of the gambling group’s board.
These include a share of potential synergies generated byf the deal, a proposed technology supply agreement with BetMGM and MGM, governance rights over the BetMGM stake owned by the enlarged group, management guarantees and assurances that the deal will get done.
Draftkings mooted a takeover offer of 2,800p per share in September comprising 630p per share in cash and the balance in shares, and that based on the exchange rate at the time of the first announcement would equate to a total offer worth GBP15bn.
Earlier this year Entain turned down an GBP8bn offer from MGM Resorts International (NSX:MGM), its partner in the BetMGM joint venture that is one of the leading operators in the fast-expanding US market.
