DraftKings Inc. Offer Talks Terminated (3123Q)

TIDM0A40 TIDMENT

RNS Number : 3123Q

DraftKings Inc.

26 October 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE").

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

FOR IMMEDIATE RELEASE

26 October 2021

DraftKings Inc. ("DraftKings")

Statement regarding Entain plc ("Entain")

DraftKings (NASDAQ: DKNG) confirms that, following further analysis and discussions with the Entain board of directors, it will not make a firm offer for Entain.

Commenting on this, Jason Robins DraftKings CEO, Co-Founder and Chairman of the Board said:

"After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time. Based on our vertically-integrated technology stack, best-in-class product and technology capabilities and leading brand, we are highly confident in our ability to maintain a leadership position and achieve our long-term growth plans in the rapidly growing North America market."

As a result of this announcement, DraftKings is bound by the restrictions under Rule 2.8 of the Code for six months following the date of this announcement.

For the purpose of Rule 2.8 of the Code, DraftKings reserves the right to set aside the above statement and the restrictions in Rule 2.8 of the Code in the following circumstances:

   (i)   with the agreement of the board of directors of Entain;

(ii) following the announcement of a firm intention to make an offer for Entain by or on behalf of a third party;

(iii) following the announcement by Entain of a "whitewash" proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or

(iv) where the Takeover Panel has determined that there has been a material change of circumstances.

Enquiries

 
 
 Press:                                                Media@draftkings.com 
  Joe DeCristofaro, Investor Relations                  +1 617 986 6744 
  The Raine Group, financial adviser to DraftKings      +44 20 3695 8600 
 John Salter 
  Colin Neville 
  Jason Schretter 
  Brett Varsov 
  Garrett Gomes 
  Credit Suisse, financial adviser to DraftKings        +44 20 7888 8888 
 Michael Kamras 
  Joe Hannon 
  Ben Deary 
  Matt Hall (Corporate Broking)

Important Notices

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote in any jurisdiction whether pursuant to this announcement or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The release, publication or distribution of this announcement in whole or in part, directly or indirectly, in, into or from certain jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

Financial Advisers

Raine Advisors Limited ("Raine"), which is an Appointed Representative of Sapia Partners LLP, an entity which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FRN: 550103), is acting as financial adviser exclusively for DraftKings and no one else in connection with the matters set out in this announcement and will not be responsible to any person other than DraftKings for providing the protections afforded to clients of Raine, nor for providing advice in relation to the content of this announcement or any matter referred to herein. Neither Raine nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Raine in connection with this announcement, any statement contained herein or otherwise.

Credit Suisse International ("Credit Suisse"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK, is acting as financial adviser exclusively for DraftKings and no one else in connection with the matters set out in this announcement and will not be responsible to any person other than DraftKings for providing the protections afforded to clients of Credit Suisse, nor for providing advice in relation to the content of this announcement or any matter referred to herein. Neither Credit Suisse nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement, any statement contained herein or otherwise.

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END

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October 26, 2021 07:46 ET (11:46 GMT)

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