PointsBet rejects Betr’s increased all-scrip offer (again)
The operator has deemed Betr’s offering as “materially inferior” to the Mixi bid.
Key points:
– PointsBet rejected Betr’s latest bid within 24 hours
– Betr submitted a raised all-scrip offering to take the company over yesterday
– PointsBet continues to urge shareholders to approve the Mixi takeover
Operator PointsBet has provided the latest update to the ongoing saga that is its potential takeover – with Betr’s latest all-scrip offering subject to rejection by the company.
As specified as part of its latest release, PointsBet has rejected Betr’s raised offer to acquire the company within 24 hours of its submission – stating that it is “materially inferior” to Mixi’s rival bid regardless of the raised proposal, shutting down Betr’s advances for the second time.
Indeed, the increased bid from Betr was submitted yesterday and saw a proposed takeover price of AU$1.35 (US$0.87) per share – a price that is 11.8% higher than Mixi’s most recent tabled offering.
Nevertheless, PointsBet’s board has now reiterated its previous unanimously approved advice for shareholders to vote in approval of Mixi’s bid, following a botched voting process in June which rendered the company’s previous approval moot.
Stated as part of this latest release, PointsBet highlighted the following: “The PointsBet Board continues to regard the Unsolicited Betr Scrip Offer as an inadequate outcome for PointsBet shareholders in the context of a scrip-based acquisition of PointsBet by Betr, given the previously announced risks it sees in the combination (following due diligence), including in relation to concerns that PointsBet has regarding Betr’s existing business and what it regards as a material overstatement by Betr of the net synergy potential associated with the transaction.”
Finances aside, Mixi’s takeover offering has already received regulatory approvals in both the Australian and Canadian markets.
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