Download full report with analyst certification and important disclosures
Oct 19 2021, 17:20 IST/BST
Ratings and price correct at time of issue
Company | Rating | Date | Previous Rating | Date | Closing Price |
---|---|---|---|---|---|
DraftKings | NEUTRAL | 23/03/21 | N/A | N/A | 4829c |
Entain | NEUTRAL | 13/12/17 | N/A | N/A | 2157p |
Flutter Entertainment | OUTPERFORM | 08/05/19 | Neutral | 29/08/17 | 14315p |
The extension of the ‘put up or shut up’ deadline suggests that, at a proposed bid of £28 per Entain share, there is continued interest on the part of both Entain and DraftKings in exploring a business combination. However, the statement also confirms that several issues have yet to be resolved. These include total value creation for Entain shareholders (presumably determined by the final structure/value of deal), alongside matters relating to the future governance and commercial status of BetMGM (determining the value of Entain’s current 50% stake in the joint venture to the pro forma group). As was already understood, satisfactory resolution of these issues will be required for any combination to be successfully completed.
Oct 19 2021, 17:20 IST/BST