Flutter has claimed victory over an ongoing legal battle with Fox over the price of a stake in Fanduel, after a US arbitrator backed a $20bn valuation of Fanduel last week. The betting giant, which owns around 95 per cent of Fanduel, said the decision "vindicates" the company's confidence. This price is subject to a five per cent increase up until Fox exercises any option to buy a holding in Fanduel, equating to a valuation of $22bn and a cost of $4.1bn for Fox to acquire an 18.6 per cent stake. Morgan Stanley said the arbitration outcome increases clarity on the future shape and ownership of Fanduel and upped its target price by 800p to 16,600p. Flutter posts its third quarter results tomorrow.

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