The competition for PointsBet is intensifying, evidenced by seven press releases issued within a single day. A revised takeover bid from Betr emerged, proposing a conditional all-scrip offer. This offer would provide PointsBet shareholders with 3.81 Betr shares for each share held.
Based on Betr’s share price of AU$0.32 at the time of the proposal, this equates to AU$1.22 per PointsBet share. This slightly surpasses Mixi’s revised offer of AU$1.20 per share, totaling AU$402 million.
Betr projects a share price increase to AU$0.67 upon deal completion, potentially valuing PointsBet shares at AU$1.89 each. However, this projection is not guaranteed. PointsBet shareholders have been advised to take no action regarding Betr’s offer. The PointsBet board continues to unanimously endorse the Mixi offer.
Significantly, Mixi’s latest proposal requires only 50.1% shareholder approval, a lower threshold than the previous 75% requirement that stalled the earlier bid. Mixi has already secured 17.18% support. Furthermore, Mixi’s offer has received regulatory clearance from the Alcohol and Gaming Commission of Ontario and the Northern Territory Racing and Wagering Commission.
Both Betr and Mixi have published comprehensive bidder’s statements on the PointsBet investor relations website, comprising 129 and 75 pages respectively. PointsBet intends to publish a target statement within the next 24 hours, detailing the rationale behind the board’s unanimous recommendation in favor of Mixi’s bid.
