DraftKings soars after passing on Entain acquisition

$DraftKings (DKNG.US)$ $ENTAIN PLC UNSPON ADS ECH REP 1 ORD SHS (GMVHY.US)$ Currently, DraftKings shares are higher by 7.5% in pre-market trade.

DraftKings has confirmed that following further analysis and discussions with the Entain board of directors it will not make a firm offer for the company.

The two groups announced they were in discussions about a potential deal in September after DraftKings made a $20 billion takeover offer for the Ladbrokes owner. However, discussions will now be terminated following the latest announcement.

Entain shares fell by over 10% following the announcement and are now trading back at levels seen prior to the first public knowledge of the discussions on September 21st.