UPDATE 1-DraftKings walks away from offer to buy Entain

(Adds CEO comment, shares)

Oct 26 (Reuters) – U.S. betting firm DraftKings Inc has walked away from making a formal offer to buy Entain after considering a $22.4 billion buyout proposal for the British gambling company, it said on Tuesday.

“After several discussions with Entain leadership, DraftKings has decided that it will not make a firm offer for Entain at this time,” DraftKings Chief Executive Officer Jason Robins said in a statement.

“We are highly confident in our ability to maintain a leadership position and achieve our long-term growth plans in the rapidly growing North America market,” Robins added.

DraftKings shares jumped 7% in premarket trading in New York, while Entain shares fell 11% on the London Stock Exchange, on track for their worst day since January. (Reporting by Sachin Ravikumar, Muvija M and Subrat Patnaik in Bengaluru; Editing by Shounak Dasgupta)

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