DraftKings will form a new holding company, called New DraftKings, with Golden Nugget shareholders ... [+] receiving a fixed ratio of 0.365 shares in the new corporation under the proposed transaction. SOPA Images/LightRocket via Getty ImagesKey FactsThe acquisition is subject to the approval of Golden Nugget Online Gaming shareholders but has been approved by the Board of Directors of both companies. DraftKings will form a new holding company, called New DraftKings, with Golden Nugget shareholders receiving a fixed ratio of 0.365 shares in the new corporation under the proposed transaction. The market’s immediate reaction to the announcement was favorable, with DraftKings stock rising more than 3% and Golden Nugget Online Gaming nearly 50% in premarket trading. And in April, Caesars Entertainment Inc. completed a $4 billion acquisition of William Hill, the third-largest sportsbook operator in the country.

Source: Forbes August 09, 2021 14:27 UTC