Flutter Entertainment PLC Update re: FOX arbitration process (6475U)
April 07 2021 - 3:26AM
UK Regulatory
TIDMFLTR
RNS Number : 6475U
Flutter Entertainment PLC
07 April 2021
Flutter Entertainment plc ("Flutter")
Update re: FOX arbitration process
Flutter notes the statement made by FOX Corporation with respect
to a legal dispute between the two parties in relation to an option
to acquire an 18.6% stake in FanDuel. Under the terms of Flutter's
agreement with FOX Corporation, an arbitration mechanism was put in
place at the time of The Stars Group merger announcement to be
conducted in the event of a disagreement between the two parties
relating to the option. That now being the case, such a process has
been initiated by FOX.
FOX's position that it has a right to acquire an 18.6% interest
in FanDuel based on an $11.2 billion valuation is incorrect. It
would represent a windfall to FOX compared to the fair market
valuation as of July 2021, to which the parties had previously
agreed. Flutter will not allow FOX's filing, which is without
merit, to distract from its business and will vigorously defend its
position in the arbitration.
The Group will update the market as appropriate.
Contacts:
Investor Relations:
David Jennings, Group Director of Investor
Relations & FP&A + 353 87 951 3560
Ciara O'Mullane, Investor Relations + 353 87 947 7862
Liam Kealy, Investor Relations + 353 87 665 2014
Press:
Fi Thorne, Corporate Affairs + 44 75 2111 4787
Lindsay Dunford, Corporate Affairs + 44 79 3197 2959
Billy Murphy, Drury / Porter Novelli + 353 1 260 5000
James Murgatroyd, Finsbury + 44 20 7251 3801
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