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Entain Faces Uncertainty After Draftkings Offer

09/22/2021 | 05:07am EDT

Entain Faces Uncertainty After Draftkings Offer

0845 GMT - Shares in Entain rise 6% to 2412 pence after the owner of bookmakers Bwin, Coral and Ladbrokes said it was considering an improved 2800p takeover bid from U.S. rival DraftKings, having rejected an earlier 2500p offer from the latter. The DraftKings bid for Entain may prompt a bid from Entain's U.S. partner MGM Resorts International, Peel Hunt says. "However, as MGM said in its statement, in relation to the issues around the BetMGM JV, there could simply be a commercial agreement between MGM and DraftKings," Peel analysts say. "Until clarity emerges regarding Entain, we're maintaining our 2300p target price and downgrading from buy to hold." (philip.waller@wsj.com)

 
Companies News: 

Flutter Entertainment Settles Legal Dispute With Kentucky With Extra $200M Payment

Flutter Entertainment PLC said Wednesday that its legal dispute with the Commonwealth of Kentucky regarding certain subsidiaries of the Stars Group in 2010, prior to its combination with Flutter, has been settled in full.

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Flutter Says Australian Division Achieved 50% Market Share in 1H

Flutter Entertainment PLC said Wednesday that its Australian business Sportsbet achieved a market share of over 50% in the first half of 2021.

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Halma Raises FY 2022 Guidance After 1H Exceeded Expectations

Halma PLC on Wednesday raised its profit guidance for the fiscal year after a better-than-expected first half.

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Entain Considers Improved GBP16.4 Bln Bid From DraftKings

Entain PLC said Wednesday that it is considering a new, improved takeover bid from DraftKings Inc. after rejecting an earlier offer from the U.S. digital sports-betting and entertainment company.

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Saga Swung to 1H Pretax Profit; No Guidance Due to Pandemic

Saga PLC said Wednesday that it swung to a pretax profit for the first half of fiscal 2022 after booking lower costs, and that it wasn't giving any earnings guidance for the year given continued uncertainty stemming from the pandemic.

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SDI Group Current FY2022 Trading Slightly Ahead of Forecasts

SDI Group PLC said Wednesday that it has made a good start to fiscal 2022, beating modestly its initial forecasts, and noted that the board remains confident about delivering full-year results at least in line with market expectations.

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Ten Entertainment Sees 2021 Performance Ahead of Views After 'Exceptional' Summer

Ten Entertainment Group PLC said Wednesday that it expects full-year performance to be ahead of previous internal expectations after an exceptional summer.

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PZ Cussons 1Q FY 2022 Revenue Fell; FY 2021 Pretax Profit Rose

PZ Cussons PLC said on Wednesday that revenue for the first quarter of fiscal 2022 fell 9%, and that its pretax profit and revenue rose in fiscal 2021.

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Oxford Cannabinoid Technologies Signs Exclusive License Deal With Canopy Growth

Oxford Cannabinoid Technologies Holdings PLC said Wednesday that it has signed an exclusive worldwide license agreement with Canopy Growth Corp. allowing it to access Canopy's cannabinoid library, including 335 derivatives and 14 patent families.

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Kin & Carta Sees FY 2021 Revenue, Profit Ahead of Market Expectations

Kin & Carta PLC said Wednesday that it expects net revenue and adjusted pretax profit to be marginally ahead of the top end of market expectations for the year ended July 31.

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Arc Minerals Shares Rise on 'Massive' Copper Intersections in Zambia

Shares in Arc Minerals Ltd. rose Wednesday after it reported "massive" sulfide copper intersections at its Cheyeza East project in Zambia.

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Braemar Shipping Services 1H Set to Beat Views; Plans Interim Dividend

Braemar Shipping Services PLC said Wednesday that it has performed well since the start of fiscal 2022 with first-half results set to beat views, and that it is planning an interim dividend.

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Alfa Financial 1H Pretax Profit Rose; Shares Rise

Shares in Alfa Financial Software Holdings PLC on Wednesday rose after the company reported a rise in pretax profit for the first half and said that it expects to surpass full-year market expectations.

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Oxford BioMedica Raises GBP50 Mln to Upgrade Manufacturing Facilities

A subsidiary of Serum Institute of India Pvt. Ltd. has agreed to invest over 50 million pounds ($68.3 million) in Oxford BioMedica PLC in return for a 3.9% stake, the gene and cell-therapy group said Wednesday.

 
Market Talk: 

Flutter Entertainment Update Refocuses Attention on Underlying Strength

0816 GMT - Flutter Entertainment's trading update on Australia is positive and should act as a catalyst to focus investors on the underlying performance of the business, Jefferies says. The Dublin-based gambling group's performance in Australia, which may be overshadowed by prospective sector deal speculation in the U.S., should make investors look away from the issues the company faces, such as the FanDuel CEO replacement and FanDuel listing, the U.S. bank adds. Jefferies has a buy recommendation on the stock and a target price of 19,300 pence a share. Shares at 0804 GMT were up 755.00 pence, or 4.9%, at 16,020 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

09-22-21 0506ET

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