PointsBet update: Mixi closes in on 17% vote approval despite Betr’s new offer
It’s still all to play for over in Australia, as PointsBet publishes the Bidder’s Statements for both Betr and Mixi in anticipation of its own takeover statement being released.
Key points:
– Mixi has around 17% approval rates already
– Betr could offer AU$1.89 (US$1.22) per share, but it’s not guaranteed
– PointsBet intends to explain why it prefers Mixi’s offer later
The battle for PointsBet is still not over.
In fact, if seven press releases published in 24 hours are anything to go by, it seems like this deal is still heating up.
Yesterday, Betr proposed a new conditional off-market all-scrip takeover offer, which would see PointsBet shareholders receive 3.81 Betr shares for each PointsBet share they own.
With Betr shares priced at AU$0.32 at the time of the offer, this would value the PointsBet shares at AU$1.22 each.
This places them just above Mixi’s new offer of AU$1.20 per share, which would amount to AU$402m in total.
Betr has also pointed out that it expects shares to rise if the deal goes through, with the projected trajectory up to AU$0.67, which would place PointsBet shares at AU$1.89.
However, PointsBet shareholders were advised to take no action in regards to this offer and were reminded, once again, that PointsBet Directors unanimously recommend the Mixi offer instead.
Interestingly, the new offer by Mixi does not require the standard 75% approval rate, which is what prevented it from being accepted in the latest round of voting.
Instead, it only needs 50.1% of PointsBet shareholders to back it – and has already secured 17.18% of these.
Mixi’s proposal has also passed regulatory approval by the Alcohol and Gaming Commission of Ontario and the Northern Territory Racing and Wagering Commission.
Good to know: Both Betr and Mixi have published Bidder’s Statements on the PointsBet investor relations website, consisting of 129 and 75 pages, respectively
PointsBet has confirmed it will release its own target statement either today or tomorrow, which it says will explain why the Directors have unanimously recommended Mixi over Betr.
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