American gaming operator DraftKings announced that they're terminating discussions with online group Entain, abandoning negotiations to purchase the latter.
The announcement comes after DraftKings submitted two offers to purchase Entain, the first for £25 per share, and the second for £28 per share made up of cash and comparable stock. Both were rejected by the DraftKings board.
A proposed deal was muddied by a content agreement between Entain and MGM Resorts for their BetMGM business. Earlier this year Entain rejected a $11 billion offer from MGM, with the company's board saying it undervalued the group's worth.
Commenting on the process DraftKings CEO Jason Robins 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."
While the talks have been terminated, there is a chance that things could change, with DraftKings indicating that another offer could be a possibility at some point.