An American online gaming giant has been given another month to thrash out a £16.4billion takeover of Entain.
Draftkings had until 5pm yesterday to table a firm offer for the Ladbrokes and Coral owner, having approached the British company last month.
But the Takeover Panel agreed to Entain’s request to extend the ‘put up or shut up’ deadline until November 16 as talks go on.
Extra time: Draftkings had until 5pm yesterday to table a firm offer for Ladbrokes and Coral owner Entain, but have now been given another month to come up with a figure
Entain shares jumped following the announcement, closing up 2.2 per cent, or 47p, at 2171p, having been down earlier in the day.
That valued the Foxy Bingo and Bwin owner at £12.7billion.
The potential deal has been complicated by a joint venture in the United States between Entain and American giant MGM.
JP Morgan analysts have said, if successful, Draftkings may have to sell Entain’s 50 per cent stake in the BetMGM joint venture to MGM to get its consent.
But investors hope that MGM will return with a higher offer, potentially pushing Entain’s share price higher in a bidding war.
