TORONTO — In its response to a Federal Trade Commission complaint that its planned merger with its chief rival was anti-competitive, DraftKings acknowledged it was “striving toward profitability” and that “there were significant legal and regulatory issues that arose across several states” in the last couple of years that “continue today and into the foreseeable future.”
That chief rival, FanDuel, used the exact same language in its response to the FTC complaint — which is not surprising, since the two main operators in the daily-fantasy sports industry were presenting a united front in their bid to merge. They also both stated that the complaint reflected an “an unnecessarily rigid and uninformed application of antitrust laws,” which is legal talk for calling shenanigans. Those responses were filed in a District of Columbia court less than a week ago.
One day later, the companies announced that the proposed merger was off. If nothing else, spare a thought for the legal clerks who had spent long hours preparing those responses.
But aside from the wasting of a lot of hours and paper in defending, and then suddenly abandoning, their planned merger, the end of the DraftKings-FanDuel marriage, now dead before it even had to be annulled, …read more
Source:: National Post – Sports