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Entain said its board confirms that following an earlier approach from DraftKings (DKNG) at 2,500 pence per share which was rejected, a further proposal was received on September 19.

Under the terms of DraftKings' latest proposal, DraftKings would offer 2,800 pence per Entain share consisting of 630 pence in cash and the balance payable in new DraftKings class A common shares. DraftKings proposed that the exchange ratio which would deliver the share element of the 2,800 pence per Entain share was to be fixed immediately prior to the first agreed public announcement. 2,800 pence per Entain share represented a premium of 46.2% to Entain's closing share price on September 20.

The board of Entain "strongly believes in the future prospects of the company underpinned by its leading market positions, world-class management team, and industry-leading technology."

The company said it has a "strong track record of growth and runway for further significant growth," with the potential for its total addressable market to grow by more than three times to $160B.

The board of Entain "will carefully consider the proposal and a further announcement will be made as and when appropriate."