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Deadline for DraftKings and Entain takeover deal extended
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 November 16 to facilitate more discussions with the US-based DraftKings, The Times reported.
Entertain 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”.