Shares in FTSE 100 gambling company rise by almost a fifth after approach from US rival

Entain, the gambling company behind Ladbrokes and Coral, has received a $20bn takeover approach from DraftKings – the latest swoop by an American rival.

Shares in Entain surged by almost a fifth on the news of the cash and stock offer from the US sports betting firm, making it the biggest riser among FTSE 100 stocks and giving the company a market value of more than £13bn. Before news of the offer emerged, Entain had a market capitalisation of about £11bn.

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