Business
Extension of "Put Up or Shut Up" deadline
Extension of "Put Up or Shut Up" deadline.
About this update from Entain Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5700P\n Entain PLC\n 19 October 2021\n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\n \n \n THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\"). THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY SUCH OFFER MIGHT BE MADE\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n For immediate release\n \n \n \n \n \n 19 October 2021\n \n \n \n \n \n \n \n \n Extension of \"Put Up or Shut Up\" deadline \n \n \n \n Following the announcement made by Entain plc (\"Entain\") on 21 September 2021, the Board of Entain (the \"Board\") has carefully considered the proposal received from DraftKings on 19 September 2021 (the \"Proposal\"), along with feedback from Entain shareholders. Under the terms of the Proposal, DraftKings would offer 2,800 pence per Entain share consisting of 630 pence in cash and the balance payable in new DraftKings Class A common shares. DraftKings proposed that the exchange ratio which would deliver the share element of the 2,800 pence per Entain share would be fixed immediately prior to the first agreed public announcement.\n \n \n \n \n \n \n \n \n The Board has been in discussions with DraftKings in order to explore the merits and feasibility of a potential transaction reserving its position on the appropriateness of the value of the Proposal. As part of this, the Board will require a number of matters to be satisfactorily resolved that are fundamental to the structure and value of the Proposal including but not limited to:\n \n \n \n \n \n · \n Total value creation for Entain shareholders, including share of potential synergies \n \n \n · \n Terms for any proposed technology supply agreement to BetMGM and MGM\n \n \n · \n Governance rights and value protection for the combined entity's stake in BetMGM \n \n \n · \n Governance and management composition of the pro forma DraftKings / Entain entity\n \n \n · \n Deliverability of the potential ...