MIXI reaches 42% stake in PointsBet as Betr improves takeover offer
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The news: Japanese entertainment MIXI has reached a 42.38% interest in online bookmaker PointsBet through its all-cash takeover offer.
The interest was disclosed to the exchange after rival suitor Betr lifted the value of its off-market all-scrip takeover overnight.
The numbers: Betr has been trying to outbid MIXI for months. As of 26 August, MIXI had secured a 42.38% interest in PointsBet through its all-cash $1.25 per share takeover offer.
Betr, which has a relevant interest in 19.6% of PointsBet shares — increased its offer for each PointsBet share it does not already own to 4.375 Betr shares, up from 4.219, on Tuesday evening.
The company has also raised the value of their proposed selective buy-back from $80 million to at least $90 million, which is subject to Betr shareholder approval and would take place after the close of Betr’s takeover offer. Betr says it would pay 32 cents per share.
The extra $10 million would be funded by drawing down on a shareholder loan facility from YAST Investments.
At 11:28am AEST, shares in Betr declined 6.7% to 28 cents per share while PointsBet shares edged 0.2% higher to $1.25.
