Betr raises its PointsBet takeover bid to AU$1.35 per share
This latest bid is 11.8% higher than rival bidder Mixi’s recently tabled offer.
Key points:
– Betr has tabled an upgraded all-scrip offer to take over PointsBet
– The offer outpaces Mixi’s latest bid by AU$0.15 per share
Operator PointsBet has been subject to yet another takeover bid, with Betr now raising its previous all-scrip offer of AU$1.22 (US$0.79) to AU$1.35.
This latest offer outpaces Mixi’s bid of AU$1.20 per share by almost 12%, with Betr clarifying that PointsBet shareholders who accept the bid will receive approximately 4.219 Betr shares for each of their current PointsBet shares.
Indeed, this latest installment to the PointsBet takeover saga follows the rejection of Betr’s previous offer by the operator last week, with rival bidder Mixi having previously secured a 17% approval rate by from PointsBet shareholders earlier in the month.
Prior to this, Betr also attempted to change tact by proposing a share swap takeover bid which has also seemingly fallen flat.
As part of this latest offer signed off by the company’s Board of Directors today was the following statement: “Betr continues to firmly believe in the combination rationale and that we can create material value for PointsBet and Betr shareholders by integrating these two businesses, allowing us to profitably grow our share of the Australian wagering market.
Good to know: Mixi’s PointsBet takeover bid has already received regulatory approvals in both Australia and Canada
“That upside is not available to PointsBet shareholders under the inferior all-cash Mixi offer. PointsBet shareholders should continue to take no action until both offers are open. Betr expects that the PointsBet Board will reconsider its recommendation that PointsBet shareholders accept the Mixi offer and will now recommend the Betr offer.”
Last month, PointsBet shareholders officially approved Mixi’s takeover bid, dropping Betr out of the race.
However, a matter of days later, it was announced that the vote had been voided after a recount by PointsBet revealed that a Betr official had tampered with the official count and redacted the Betr votes.
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