DraftKings walks from $22.4B offer for Entain

DraftKings said it won’t make a final bid for Entain, stepping away from a deal valued at about $22.4 billion. DraftKings had offered 2,800 pence a share in cash and stock on Sept. 19 for Entain, owner of British bookmakers Ladbrokes and Coral. The offer represented a 43% premium over the stock price at the time and improved on an earlier 2,500-pence bid.