PointsBet dismisses improved Betr bid
The operator has reaffirmed its support for an offer from MIXI
Australia.- PointsBet has again rejected an enhanced takeover offer from Betr Entertainment, reaffirming its commitment to a rival bid from Japan’s MIXI Australia.
Betr’s revised proposal increased its all-scrip offer from 3.81 to 4.219 Betr shares for each PointsBet share, effectively valuing the company at AU$1.35 (US$0.87) per share. That’s an 11.8 per cent premium over MIXI’s AU$1.20 (US$0.75) all-cash bid.
Betr claimed its offer would give PointsBet shareholders access to a more powerful combined entity and greater long-term growth prospects in Australia’s betting market, but PointsBet’s board dismissed the proposal as “materially inferior” and continues to express scepticism over Betr’s synergy projections
The board said it has raised formal concerns with Australia’s Takeovers Panel, alleging insufficient disclosure in Betr’s latest offer. The panel issued interim orders preventing Betr from distributing its bidder’s statement while the matter is under review.
MIXI’s proposal, which has already secured regulatory clearance in Australia and Canada, remains the board’s preferred option. So far, the Japanese firm has acquired a 24.7 per cent stake in PointsBet, plus an additional 1.9 per cent via institutional acceptances.
