Mixi has signalled its intention to win its battle with Betr Entertainment to take over PointsBet after submitting an improved offer.
The Japanese company, which has an Australian arm and is looking to beef up its presence in the country by acquiring PointsBet, has increased its offer by AU$49m to $402m.
Mixi has raised the cash consideration as part of its scheme of arrangement by 13.2 per cent, meaning it is now looking to take over all outstanding shares of PointsBet for AU$1.20 per share, up from $1.06.
PointsBet said it remains in due diligence talks with Betr Entertainment, formerly BlueBet, over its second offer. PointsBet had admitted before Mixi’s improved offer that Betr’s second proposal could be “reasonably expected” to be superior.
While PointsBet has not completely ruled out Betr’s second offer, its board continues to “unanimously” recommend Mixi’s offer, with its independent expert concluding – and continuing to conclude – that Mixi’s proposal is in the “best interests” of shareholders.
After initially offering a mix-and-match offer of cash and scrip, Betr’s second offer involved a scheme of arrangement to acquire PointsBet – like Mixi’s – and Betr also became PointsBet’s largest shareholder in its push to have the proposal accepted.
Betr’s second bid proposes an implied equity value of $360m, comprised of $260m in cash and $100m in betr scrip.
“PointsBet will keep shareholders and the market informed of any material developments in relation to the Betr proposal,” the company said.
