DraftKings (NASDAQ: DKNG) reportedly held takeover talks with major investors of William James Jerome Hill proprietor 888 Holdings Plc (OTC: EIHDF) o'er the summer.
Citing unidentified sources intimate with the matter, The Financial Times reported the news before Thursday. Boston-based DraftKings is said to have got mulled an all-stock acquisition of 888, which has long been rumored to be a takeover target. In Sept 2021, the fellowship announced its purchase of William Hill’s international business from Caesars Entertainment (NASDAQ: CZR), a relocation that potential enhanced its temptingness to prospective buyers owing to the iconic position of the William Benny Hill firebrand inward the sports wagering industry.
A representative for Boston-based DraftKings didn’t reassert the 888 negotiations, but told The Financial Times the operator speaks to a variety of companies during “the normal line of business” and that it’s “focused on the monumental US opportunity” going forward.
By marketplace share, DraftKings is the second-largest online sportsbook operator inward the US, but aided past development inwards iGaming — fostered by the acquisition of Golden Nugget Online Gaming (GNOG) — its monthly revenue topped that of challenger FanDuel for the number one clip inwards August.
Interesting Timing for DraftKings Talks with 888 Investors
The Financial Times reported that DraftKings held prelim talks with 888 inward June and July. That was around the time that FS Gaming Investments, an investment funds radical led by former GVC CEO Kenny Alexander, revealed it took a 6.57% wager in 888.
In fact, FS Gaming was i of the 888 shareholders with which DraftKings was said to have got discussed a takeover of the William James Jerome Hill owner. Adding to the fascinate is that the wooer reportedly walked forth from talks after the Great Britain Gaming Commission (GBGC) proclaimed William Hill’s license was below critique due to the supposedly refutable forge inward forge in which GVC, below Alexander’s leadership, divested a Turkish business.
Prior to that, FS Gaming presented a plan to the gaming company’s get on below which Alexander would become chief executive officer. FS also told the room it wanted to establish Sir Leslie Stephen Morana as finance managing director and to replace 888 Executive Chairman Jonathan Erich Mendelsohn with former GVC Chairman Robert Edward Lee Feldman. 888’s table held talks with FS, but those discussions were halted amid the regulatory scrutiny.
It’s unclear if Alexander would have got orchestrated a sales event of 888 to DraftKings had he been installed as chief executive director officer. GVC is at present Entain Plc (OTC: GMVHY).
Speaking of Entain…
888 isn’t the first of all European gaming keep company DraftKings has had flirtations with. In September 2021, the sporttsbook operator made a $20 one million million offer up for Entain that was rejected, but the suer returned with a $22.4 1000000000 hard cash and gillyflower proposal.
The negotiations in the end cut down asunder and at that time, there was conjecture that DraftKing was simply aiming to run-up the price of Entain for other companies that may get been interested in courting the Ladbrokes owner.
As for DraftKings and 888, I of the latter’s top out 10 shareholders told The Financial Times they would make viewed an proffer from DraftKings as believable and would have, at the very least, listened to the pitch.
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