DraftKings Jumps, Entain Falls as $22.4 Billion Merger Unravels

DraftKings Inc., the U.S. sports-betting giant, jumped in New York trading and the British betting house Entain Plc fell after a potential $22.4 billion combination of the two companies collapsed.

DraftKings had offered 2,800 pence a share in cash and stock for Entain, owner of U.K. bookmakers Ladbrokes and Coral. The terms represented a 43% premium over the stock price at the time and improved on an earlier 2,500 pence bid. But the U.S. company said Tuesday it won’t make a final proposal.

DraftKings was unwilling to meet some of Entain’s demands, according to a person familiar with the ...