7 Apr 2021 08:26
Flutter Entertainment plc ("Flutter")
Update re: FOX arbitration process
Flutter notes the statement made by FOX Corporation with respect to a legal dispute between the two parties in relation to an option to acquire an 18.6% stake in FanDuel. Under the terms of Flutter's agreement with FOX Corporation, an arbitration mechanism was put in place at the time of The Stars Group merger announcement to be conducted in the event of a disagreement between the two parties relating to the option. That now being the case, such a process has been initiated by FOX.
FOX's position that it has a right to acquire an 18.6% interest in FanDuel based on an $11.2 billion valuation is incorrect. It would represent a windfall to FOX compared to the fair market valuation as of July 2021, to which the parties had previously agreed. Flutter will not allow FOX's filing, which is without merit, to distract from its business and will vigorously defend its position in the arbitration.
The Group will update the market as appropriate.
Contacts:
Investor Relations: | |
David Jennings, Group Director of Investor Relations & FP&A | + 353 87 951 3560 |
Ciara O'Mullane, Investor Relations | + 353 87 947 7862 |
Liam Kealy, Investor Relations | + 353 87 665 2014 |
Press: | |
Fi Thorne, Corporate Affairs Lindsay Dunford, Corporate Affairs | + 44 75 2111 4787 + 44 79 3197 2959 |
Billy Murphy, Drury / Porter Novelli | + 353 1 260 5000 |
James Murgatroyd, Finsbury | + 44 20 7251 3801 |
Flutter Entertainment (FLTR)