DraftKings Inc. is dropping its roughly $22 billion bid for Entain PLC, turning away from an attempt to buy a major international player in the gambling industry.
DraftKings, based in Boston, said that the decision to step back from its cash-and-stock offer followed negotiations with Entain’s leadership team. DraftKings first acknowledged making a bid for the company in September. Earlier this month it agreed to extend the talks, with a deadline of Nov. 16 under U.K. takeover law to formalize its bid or walk away.
