DraftKings stock drops after CNBC report of $20 billion cash-and-stock buyout bid for U.K.'s Entain

Shares of DraftKings Inc. dropped 5.8% in morning trading Tuesday, after CNBC reported that the digital sports betting and entertainment company has made a $20 billon bid to buy U.K.-based online sports betting company Entain PLC . Citing people familiar with the matter, CNBC said the bid was largely in DraftKings stock, and included cash. Entain's U.S.-listed shares shot up 14.1%, while the U.K.-listed stock climbed 16.3% into record territory. In January, Entain's stock had tumbled after MGM Resorts International said it did not plan to revise its buyout bid after Entain had rejected a previous $11 billion bid. Entain's U.K.-listed shares have soared 96.5% year to date and DraftKing shares have climbed 15.0%, while the S&P 500 has advanced 16.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

DraftKings stock drops after CNBC report of $20 billion cash-and-stock buyout bid for U.K.'s Entain
Shares of DraftKings Inc. dropped 5.8% in morning trading Tuesday, after CNBC reported that the digital sports betting and entertainment company has made a $20 billon bid to buy U.K.-based online sports betting company Entain PLC . Citing people familiar with the matter, CNBC said the bid was largely in DraftKings stock, and included cash. Entain's U.S.-listed shares shot up 14.1%, while the U.K.-listed stock climbed 16.3% into record territory. In January, Entain's stock had tumbled after MGM Resorts International said it did not plan to revise its buyout bid after Entain had rejected a previous $11 billion bid. Entain's U.K.-listed shares have soared 96.5% year to date and DraftKing shares have climbed 15.0%, while the S&P 500 has advanced 16.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.