Special purpose acquisition corporation Diamond Eagle Acquisition (DEAC) has rallied 43% since Dec. 23. On that date, Diamond Eagle announced that it was merging with daily fantasy sports leader DraftKings and back-end provider SBTech. The deal allowed DraftKings to go public while also funding its acquisition of SBTech, a deal DraftKings was pursuing before first speaking with DEAC management in June, according to details from the Form S-4 filed last month.
The gains are not particularly surprising. I wrote immediately after the announcement that DEAC looked like a good trade (though in my