PointsBet rejects Betr bid in favour of MIXI Australia
MIXI’s offer values the company at AU$402m (US$261m).
Australia.- The PointsBet board has unanimously rejected Betr’s takeover proposal and recommended an improved offer from MIXI Australia of $1.20 in cash per PointsBet share. That values the company at AU$402m (US$261m).
The board also cited material shortcomings in Betr’s bid, including exaggerated synergy projections and difficulties with integration and execution. Betr, which already owns 19.9 per cent of PointsBet, had proposed to acquire the remaining 266 million shares with a mix of cash and stock.
PointsBet has now entered a bid implementation deed with MIXI. The deal will be subject to a 50.1 per cent minimum acceptance from shareholders and regulatory approval in Ontario, Canada – PointsBet’s remaining international market after it sold US operations to Fanatics. PointsBet shareholders are to vote on the offer on June 25.
