MIXI makes”best and final” takeover offer for PointsBet
The Australian operator has increased its all-cash offer to US$ 0.81 per share.
Australia.- MIXI Australia has submitted an improved takeover bid for betting operator PointsBet. It’s raised its all-cash offer to AU$1.25 (US$ 0.81) per share and removed remaining conditions in a bid to close the high-profile acquisition battle.
The revised proposal values PointsBet at AU$419m (US$273m) and represents a 44.6 to 50.6 per cent premium over pre-offer share prices in February. MIXI described the price as its “best and final” offer unless it secures more than 50 per cent ownership, in which case the offer could be increased for all shareholders, including early acceptors.
The Australian division of Tokyo-listed MIXI Inc. already controls 28.2 per cent of PointsBet and confirmed it has secured approval from the Foreign Investment Review Board. PointsBet’s board has unanimously recommended the offer which the company said provided “cash certainty” compared to a rival bid from Betr.
Betr’s latest counteroffer, in late July, values PointsBet at AU$1.35 (US$0.87) per share but is entirely stock-based.
