(Reuters) -U.S. betting firm DraftKings Inc has walked away from making a formal offer to buy Entain after considering a $22.4 billion buyout proposal for the British gambling company, it said on Tuesday.
“After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time,” DraftKings Chief Executive Officer Jason Robins said in a statement.
“We are highly confident in our ability to maintain a leadership position and achieve our long-term growth plans in the rapidly growing North America market,” Robins added.
DraftKings shares jumped 7% in premarket trading in New York, while Entain shares fell 11% on the London Stock Exchange, on track for their worst day since January.
(Reporting by Sachin Ravikumar, Muvija M and Subrat Patnaik in Bengaluru; Editing by Shounak Dasgupta)
