PointsBet says Betr’s second takeover offer is better than its first and that the proposal could be “reasonably expected” to be superior to Mixi’s.
The Australian and Canadian igaming and sports betting operator has consistently told shareholders to back Mixi’s offer – and insisted that should, for now, remain the case.
However, after rejecting Betr’s first proposal due to concerns over its funding, PointsBet has now said it wants to undertake due diligence alongside Betr on the second offer.
PointsBet’s initial focus will be on the value of synergies and Betr scrip, as the implied value of the Proposal for shareholders, it said, is “heavily dependent on these two elements given that the Proposal contemplates a 57 per cent cash / 43 per cent scrip funding mix.”
The latest offer from Betr, which recently merged with fellow Australian gambling operator BlueBet, would see the company acquire 100 per cent of the shares in PointsBet it does not currently own by way of scheme of arrangement.
Betr said its offer proposes an implied equity value of AU$360m, comprised of $260m in cash and $100m in Betr scrip.
To support its new offer, Betr has become PointsBet’s largest shareholder after acquiring a 19.9 per cent relevant interest from two of the company’s largest shareholders.
