Timeline: DraftKings woos Entain as focus shifts to snubbed MGM

imageStock Markets13 minutes ago (Sep 22, 2021 09:31AM ET)

(C) Reuters. FILE PHOTO: A sign hangs outside a branch of Ladbrokes in London, Britain December 22, 2017. REUTERS/Simon Dawson

(Reuters) – U.S. fantasy sports betting company DraftKings (NASDAQ:DKNG) has made a takeover proposal that values Entain at $22.4 billion, months after the British gambling firm rejected an offer from MGM Resorts (NYSE:MGM) International.

Analysts said much now would depend on MGM, Entain’s joint venture partner in the United States, which has accumulated more cash since its approach.

MGM has said any deal that would leave Entain with a competing U.S. business would require its consent.

Below is a timeline of events since January:

JANUARY 4: ENTAIN CONFIRMS MGM’S APPROACH ON POSSIBLE OFFER, SAYS BID SIGNIFICANTLY UNDERVALUED

The Ladbrokes (LON:LCL) owner called an $11 billion takeover approach from MGM Resorts as “significantly undervalued”.

MGM said a proposed merger would be “compelling” and a deal among other things, would help grow BetMGM, its U.S.-based online sports betting operating.

JANUARY 7: ENTAIN OFFERS TO BUY SWEDISH RIVAL ENLABS

Days after rejecting MGM’s bid, Entain offered to buy Sweden-based sports betting firm Enlabs AB for about $343 million.

JANUARY 8: IAC BACKS MGM’S POTENTIAL OFFER

Billionaire Barry Diller’s InterActiveCorp, the largest shareholder in MGM, said it supported MGM’s approach for Entain.

JANUARY 11: ENTAIN’S CEO QUITS

Entain said its then Chief Executive Officer Shay Segev was leaving the company after just seven months in the role.

JANUARY 19: MGM DROPS TAKEOVER PLAN

MGM ditched plans to buy Entain.

JANUARY 21: ENTAIN APPOINTS NEW CEO

Entain named non-executive director and industry veteran Jette Nygaard-Andersen as its CEO, making her the first woman to lead a UK gambling company.

FEBRUARY 2: ENTAIN CONFIRMS OFFER TO ACQUIRE AUSSIE BETTING FIRM TAPCORP’S UNIT

Entain confirmed it had offered to buy Australian betting firm Tabcorp Holdings’ struggling wagering and media business.

MARCH 1: ENTAIN RAISES OFFER FOR ENLABS

Entain raised its cash offer for Enlabs to value it at around 3.7 billion crowns ($440.16 million).

APRIL 27: ENTAIN SWEETENS OFFER FOR TABCORP’S UNIT

Entain sweetened its offer to A$3.5 billion ($2.72 billion) for Tabcorp’s wagering and media business.

AUGUST 4: VICI PROPERTIES TO BUY MGM RESORT-CONTROLLED MGM GROWTH

MGM Growth Properties (NYSE:MGP), majority controlled by MGM Resorts, to sell itself to VICI Properties (NYSE:VICI) Inc in a $17.2 billion deal.

MGM Resorts to get $4.4 billion for its stake and is part of its ‘asset light’ strategy to invest in areas such as sports betting and casino development in Japan.

SEPTEMBER 21: ENTAIN RECEIVES TAKEOVER PROPOSAL FROM DRAFTKINGS

Entain confirmed DraftKings’ takeover proposal that valued it at $22.4 billion. DraftKings plans to offer 28 pounds per share in cash and share after its earlier proposal of 25 pounds a share was rejected by Entain.

DraftKings has until Oct. 19 to make a firm offer.

Timeline: DraftKings woos Entain as focus shifts to snubbed MGM

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