Timeline: DraftKings woos Entain as focus shifts to snubbed MGM

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By Reuters

<div> <p> – U.S. fantasy sports betting company DraftKings has made a takeover proposal that values Entain at $22.4 billion, months after the British gambling firm rejected an offer from <span class="caps">MGM</span> Resorts International. </p> <p>Analysts said much now would depend on <span class="caps">MGM</span>, Entain’s joint venture partner in the United States, which has accumulated more cash since its approach. </p> <p><span class="caps">MGM</span> has said any deal that would leave Entain with a competing U.S. business would require its consent.</p> <p>Below is a timeline of events since January:</p> <p><span class="caps">JANUARY</span> 4: <span class="caps">ENTAIN</span> <span class="caps">CONFIRMS</span> <span class="caps">MGM</span>’S <span class="caps">APPROACH</span> ON <span class="caps">POSSIBLE</span> <span class="caps">OFFER</span>, <span class="caps">SAYS</span> <span class="caps">BID</span> <span class="caps">SIGNIFICANTLY</span> <span class="caps">UNDERVALUED</span> </p> <p>The Ladbrokes owner called an $11 billion takeover approach from <span class="caps">MGM</span> Resorts as “significantly undervalued”.</p> <p><span class="caps">MGM</span> 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.</p> <p><span class="caps">JANUARY</span> 7: <span class="caps">ENTAIN</span> <span class="caps">OFFERS</span> TO <span class="caps">BUY</span> <span class="caps">SWEDISH</span> <span class="caps">RIVAL</span> <span class="caps">ENLABS</span></p> <p>Days after rejecting <span class="caps">MGM</span>’s bid, Entain offered to buy Sweden-based sports betting firm Enlabs AB for about $343 million.</p> <p><span class="caps">JANUARY</span> 8: <span class="caps">IAC</span> <span class="caps">BACKS</span> <span class="caps">MGM</span>’S <span class="caps">POTENTIAL</span> <span class="caps">OFFER</span> </p> <p>Billionaire Barry Diller’s InterActiveCorp, the largest shareholder in <span class="caps">MGM</span>, said it supported <span class="caps">MGM</span>’s approach for Entain.</p> <p><span class="caps">JANUARY</span> 11: <span class="caps">ENTAIN</span>’S <span class="caps">CEO</span> <span class="caps">QUITS</span></p> <p>Entain said its then Chief Executive Officer Shay Segev was leaving the company after just seven months in the role. </p> <p><span class="caps">JANUARY</span> 19: <span class="caps">MGM</span> <span class="caps">DROPS</span> <span class="caps">TAKEOVER</span> <span class="caps">PLAN</span> </p> <p><span class="caps">MGM</span> ditched plans to buy Entain.</p> <p><span class="caps">JANUARY</span> 21: <span class="caps">ENTAIN</span> <span class="caps">APPOINTS</span> <span class="caps">NEW</span> <span class="caps">CEO</span></p> <p>Entain named non-executive director and industry veteran Jette Nygaard-Andersen as its <span class="caps">CEO</span>, making her the first woman to lead a UK gambling company.</p> <p><span class="caps">FEBRUARY</span> 2: <span class="caps">ENTAIN</span> <span class="caps">CONFIRMS</span> <span class="caps">OFFER</span> TO <span class="caps">ACQUIRE</span> <span class="caps">AUSSIE</span> <span class="caps">BETTING</span> <span class="caps">FIRM</span> <span class="caps">TAPCORP</span>’S <span class="caps">UNIT</span></p> <p>Entain confirmed it had offered to buy Australian betting firm Tabcorp Holdings’ struggling wagering and media business.</p> <p><span class="caps">MARCH</span> 1: <span class="caps">ENTAIN</span> <span class="caps">RAISES</span> <span class="caps">OFFER</span> <span class="caps">FOR</span> <span class="caps">ENLABS</span></p> <p>Entain raised its cash offer for Enlabs to value it at around 3.7 billion crowns ($440.16 million).</p> <p><span class="caps">APRIL</span> 27: <span class="caps">ENTAIN</span> <span class="caps">SWEETENS</span> <span class="caps">OFFER</span> <span class="caps">FOR</span> <span class="caps">TABCORP</span>’S <span class="caps">UNIT</span></p> <p>Entain sweetened its offer to A$3.5 billion ($2.72 billion) for Tabcorp’s wagering and media business.</p> <p><span class="caps">AUGUST</span> 4: <span class="caps">VICI</span> <span class="caps">PROPERTIES</span> TO <span class="caps">BUY</span> <span class="caps">MGM</span> <span class="caps">RESORT</span>-<span class="caps">CONTROLLED</span> <span class="caps">MGM</span> <span class="caps">GROWTH</span></p> <p><span class="caps">MGM</span> Growth Properties, majority controlled by <span class="caps">MGM</span> Resorts, to sell itself to <span class="caps">VICI</span> Properties Inc in a $17.2 billion deal. </p> <p><span class="caps">MGM</span> 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.</p> <p><span class="caps">SEPTEMBER</span> 21: <span class="caps">ENTAIN</span> <span class="caps">RECEIVES</span> <span class="caps">TAKEOVER</span> <span class="caps">PROPOSAL</span> <span class="caps">FROM</span> <span class="caps">DRAFTKINGS</span></p> <p>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.</p> <p>DraftKings has until Oct. 19 to make a firm offer. </p> <p/> </div>